Economic power refers to the ability of countries, businesses or individuals to improve living standards. It increases their ability to make decisions on their own that benefit them. Scholars of international relations also refer to the economic power of a country as a factor influencing its power in international relations.[1]

Definition

Economists use several concepts featuring the word power:

Further reading

References

  1. ^ Payne, Richard (2016). Global Issues (5th ed.). Boston: Pearson Education Inc. p. 16. ISBN 978-0-13-420205-1.
  2. ^ Muthoo, Abhinay (1999). Bargaining Theory with Applications. Cambridge University Press.