: SAGE: regulation of public utilities

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regulation of public utilities

Public utilities are economic entities “vested with the public interest,” also known as “common calling enterprises.” “Vested with the public interest” is a centuries-old concept based on the common-law notion of “status,” a complex set of rights and responsibilities associated with the provision of services of public necessity. Those who engage in common calling enterprises are bound by status to provide goods and services in accord with the needs of the broader community. [Source: Encyclopedia of Business Ethics and Society; Public Utilities and Their Regulation]

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