Abstract
The author begins with a history of recent interest in municipally- owned electric utilities (MUNI's) and then argues that neither welfare economic theory nor empirical econometric work provide much of a case against MUNI's. After identifying three views on the municipal ownership issue, two interpre tations of cities' fiscal ills are distinguished: one which neglects and one which suggests MUNI's as remedies. Some new empirical evidence is presented on (1) the proportion, and change in proportion, of general revenues MUNI's generate for their cities and (2) the comparative Moody's bond ratings of cities which do and don't own MUNI's. The author closes with some ideas for further research and the suggestion that discussions of local fiscal policy options which neglect MUNI's may be ideological defenses of the owning classes.
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