Politics, Economics and the Measurement of Power

To what extent is political power fundamentally different from or, alternatively, comparable to economic power? While it is true that the basic institutions of democratic political life - the electoral arena and the sovereign representative assembly - differ from such capitalist economic institutions as the market and the joint-stock company, the logic of the power game which takes place in both settings is quite similar. In both institutions power will be a function of the capacity to enter decisive coalitions with other players: individuals, political parties, stockholders or groups of stockholders. Power indices may therefore be employed in order to reveal aspects of the strategic gaming that takes place both in representative assemblies and at yearly stockholders' meetings. This article discusses and compares various quantitative measures of voting power in the two kinds of voting bodies.