Using an Engineering Approach
Economic power can be defined as “Conditions of having sufficient productive resources at command that give the capacity to make and enforce economic decisions, such as allocation of resources and apportioning of goods and services.”
his qualitative definition may be sufficient for general discussions, but it doesn’t offer any quantitative measurements for management and control. Is there a way to measure economic power for analysis and synthesis of economic systems in this 21st century?
This webinar addresses this question by introducing a set of quantitative terms from the field of electrical engineering, used in power measurement and control of electrical systems. Circuit theory concepts are introduced to show how the relationship between cash and cash flow in finance is analogous to that of electric charge and electric current and how education level, as economic potential, is analogous to electrical potential that causes current to flow in a circuit. An individual is identified as the basic cash flow source in the economy. Circuit models for an individual as well as a typical production facility are developed and demonstrated with an example. Equations for the measurement of economic power, losses, efficiency and power factor are presented. It is shown that the individuals are the basic cash flow sources and producers of economic power.
About Mohammed Safiuddin
Dr. Mohammed Safiuddin, PhD '82, MBA '71, is Research Professor Emeritus in the Electrical Engineering Department at University at Buffalo, and President of STS International, Plainfield, IL, USA. He started as Junior Engineer, Andhra Pradesh State Electricity Board (India) in 1958. Joined Systems Control Department, Westinghouse Electric, Buffalo, New York in June 1960 as Associate Engineer. Progressed through the ranks of Engineer, Senior Engineer, Fellow Engineer positions to Manager, Product/Strategic Planning (1982), Power Electronics and Drive Systems Division; Technical Advisor, Marketing Department (1984). He was part-time instructor in the early sixties, Adjunct Associate Professor (‘77- ‘91), Research Professor (’91- ’10), at the University at Buffalo, USA. His areas of technical interests cover industrial control systems, renewable energy, Smart Grid power systems, and Technology Management. Has been awarded 10 patents in this field and has dozens of published papers and conference presentations. He is Life Fellow of the IEEE, was awarded Roscoe Allen Gold Medal (1957) by Osmania University, was recipient of "IUSD Award of Merit" (1992) by the IEEE-Industry Applications Society for contributions to industrial control technologies, and service to the IAS, was recognized for meritorious achievement in continuing education by the IEEE-EAB award for the year 2000. He is a member of the Pi Mu Epsilon (Mathematics), Beta Gamma Sigma (Business) and an "Eminent Engineer" member of Tau Beta Pi. He was recognized with International Business and Academic Excellence 2019 “Distinguished Educator Award” in 2019 by GISR Foundation and American College in Dubai. University at Buffalo honored him with the “2020 Engineer of the Year” award.