The rules that shape corporate America incentivize behavior that has led to the economic puzzle we see today: high corporate profits coupled with low and stagnant wages. “Shareholder primacy” is the practice in which corporations prioritize shareholder payouts over productive investment and employee compensation. This way of operating dominates corporate decision-making today, so employees have

Since the 1970s, America’s antitrust policy regime has been weakening and market power has been on the rise. High market concentration—in which fewer firms exist in a given market—is one troubling symptom and cause of market power. From 1985 to 2017, we saw an increase in the annual number of mergers from 2,308 to 15,361.

The American economy no longer functions to the benefit of American workers. Despite record profits and increased productivity, wages have been stagnant. In fact, despite being 75 percent more productive in 2016 than in 1973, the average worker earned just 12 percent more. An emerging body of research chronicles the extent of labor market monopsony—where

The dramatic rise in stock buybacks following the passage of the GOP tax plan, also known as the Tax Cut and Jobs Act, has elevated the role stock buybacks play in on our economy. Estimates have shown more than $100 billion in new stock buyback programs have been authorized since the tax law’s passage. Additionally,

Today’s dominant story, told by the Federal Reserve, the media, and many prominent economists, is that the economy has recovered from the recession and is growing about as fast as it can without overheating. This outlook has led the Fed to increase interest rates four times since December 2015, ending the historically low rates it

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Our debate about what is possible in U.S. policy is severely constrained by the assumption that our public resources are scarce and already overspent, meaning we are not capable of the large-scale social investments needed to provide every American with income security and a dignified life. This assumption is misguided and false. Implementing tax policies

Block granting is the process of redirecting federal funds to states, which then have sole control over how that money is allocated. States can lift federal restrictions on how the money should be spent. This policy choice can have deeply pernicious effects and often serves as a back door for slashing the budgets of social

The global economic and political order that was created in the aftermath of World War II is under attack by President Trump. That order has been of enormous benefit to the entire world. The international institutions and arrangements that have been created the last seventy years have, I believe, played an important role in these

In 2010, the year President
 Obama signed the Affordable Care Act (ACA) into law, nearly
 50 million individuals in the United States
were uninsured—more than 16 percent
of the total population. Since then, the ACA has extended care to more than 20 million Americans. ACA repeal would hurt millions of people who now have access to health

For over a hundred years, competition policy has been a central part of a market economy’s legal framework. Over the past third of a century, however, the scope and effectiveness of competition policy has been narrowed, under the influence of certain ideas about the functioning of the market economy—ideas which have subsequently been widely discredited