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Father Christmas does not exist? Tell that to investors who seem unable to ask how much value certain business really add

The stakeholding view of the nature and purposes of corporations applies most forcefully to monopoly public utilities. This essay analyses some of the problems of utility regulation and proposes a stakeholding alternative.

There are four perspectives on corporate performance and four ways of measuring capital costs. But in the long run, all these ways of measuring financial performance are equivalent. The different vantage points differ only in their timing.

Much business is organized by mutual firms. My purpose here is to present a general economic framework for understanding the objectives of such businesses, and to identify some of the distinctive contributions which mutual organizations make, and the distinctive problems which they face.