Recently, I made the argument that if the Players were to get up from the table and desert the DM, there would be no game. I inferred that because the DM does all the work, the DM has more to lose in the power struggle. Others proposed that if the DM refuses to play, that the Players would have no game. The inference there is that the DM has all the power, and the Players must submit to that power. Finally, still others argued that it is balance of power, and the inference there is that both the Players and the DM are two sides of a see-saw, and that both must agree or there is no game.
However, what is actually important is not which of these philosophies correctly defines who has power, or how much they have.
What is important is which of these philosophies, if embraced, produces the BEST game. Best being defined here as most pleasant, most productive and least oppressive.