People seek positions of influence for material objectives, but it has been argued that people also seek power for its own sake. We propose a novel elicitation strategy that allows us to measure intrinsic preferences for power, where power is defined as influence over the outcomes of others,...

This paper explores the critical financial challenges in developing and financing hydrogen projects, particularly in the context of their role in achieving global decarbonisation goals. It examines the perspectives of key stakeholders – investors, banks, policymakers, project developers, and...

In this article, we analyse the controversies leading up to and following Meta's introduction of the infamous "pay or okay model" for Facebook and Instagram users in the European Union/European Economic Area (EU/EEA) region. In particular, we focus on the central role of the Norwegian data...

This paper explores the economic consequences of (taxing) power fragmentation using both theory and data. We first formalize tax policy as the result of interministerial competition where the Minister of Finance ('Guardian') and the Minister of Mines ('Spender') have distinct objective...

Does higher office always lead to more favoritism? We argue that firms may lose their benefit from a connected politicians ascent to higher office, if it entails stricter scrutiny that may reduce favoritism. Around close Congress elections, we find RDD-based evidence of this adverse effect that...

Purpose The aim of this article is to highlight the major part played by executives in the escalation of corporate social irresponsibility (CSI). Based on the upper echelons theory, the authors developed a model which shows the essential role of CEOs in explaining CSI. The authors proposed that...

Purpose This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen. Design/methodology/approach Managerial power is divided into...

On December 3, 2024, Michael Hudson met with capital-as-power researchers Jonathan Nitzan, Tim Di Muzio, and Blair Fix to discuss the intersections between their two lines of research. What follows is a transcript of the conversation.

We collect observations on how power constitutes itself in decentralized digital platform constellations that position themselves as alternatives to platforms operated by big tech (which we coin "hyperledgers"). We then compare these forms of power to the incumbent structures, the so called...

This paper analyses the performative, consumptive and productive uses and meanings of water in and of the Sardar Sarovar Project (SSP), a large dam with reservoir on the Narmada river, located at the border of Gujarat and Madhya Pradesh States, India. The main focus of the paper is how water is...

We challenge the widely accepted premise that the valuation of an early-stage firm is simply the capital invested (USD) divided by the equity received (%). Instead, we argue that this calculation determines the break-even point for the investor; for example, investing USD 1.0 in exchange for a...

As the platform economy continues to reshape the way we live, work, and consume, firms across industries are increasingly dependent upon platforms to engage with customers. Although prior research highlights how these firms develop strategic responses to cope with risks and vulnerabilities...

We review the literature on geoeconomics, defined as the field of study that links economics and geopolitics (power rivalry). We describe what geoeconomics is and which questions it addresses, focusing on five main subfields. First, the use of geoeconomic policy tools such as sanctions and...

We synthesize research on conflict as a fundamental economic phenomenon, arguing that the implications of the "dark side of self-interest" have received insufficient attention in economics. We define conflict as interactions where parties choose costly inputs that are adversarially combined...

While democratization and enfranchisement are known to benefit minority groups in the long run, sudden increases in political representation can disrupt existing power balances, provoke resistance, and lead to worse policy outcomes in the short run. We document and explain this pattern. In our...

According to the economics Nobel laureate, Kenneth Arrow, "… capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It’s the worst system except for any other." Thus, capitalism is a necessary evil, but it is not inherently bad. I argue that...

The term "stakeholder" features prominently in discourses surrounding tech policy. It is used as a marker for engaging with wider organisations and publics beyond government and the companies that make technologies. But what does this term do in practice? What roles does it create or deny, what...

Hydrogen offtake agreements are foundational to the development of the clean hydrogen economy. By securing long-term commitments, they enable capital-intensive projects and support market growth. While contracting activity remains at an early stage, the emergence of binding agreements signals...