Labor economists have traditionally focused on worker-side characteristics, such as education, as the crucial causal variable for explaining outcomes like earnings, unemployment, and inequality. But that point of view depends on labor markets remaining competitive, so workers can earn their marginal product of labor—because if they earned less, they’d leave for another job. What a
This week, the Senate Judiciary Committee is holding a hearing about the consumer welfare standard to determine whether it is outdated or remains the worthwhile core principle of antitrust enforcement. The hearing comes amid widespread questioning about antitrust’s effectiveness in recent decades. As the debate over the AT&T-Time Warner merger rages, this hearing is particularly timely.
Presentation to the Congressional Progressive Caucus, Opening Remarks October 5, 2017 Amazon recently bought Whole Foods, following a pro-forma approval by the Federal Trade Commission. Amazon touted its plans to cut prices on popular items on the very day the merger closed, and it advertised those discounts as resulting from the merger. It was as
“Market Power Rising” Panel on Antitrust in the Labor Market, Opening Remarks September 25, 2017 Antitrust policy has typically viewed monopsony power in the labor market as arising from an essentially competitive context—if it exists at all. The maintained assumption in the antitrust orthodoxy has been that the economy is on or near its production
On July 13th, the Federal Communications Commission (FCC) reversed an Administrative Law Judge’s ruling that Cablevision discriminated against the Game Show Network (GSN) by moving it from its basic tier of channels to an add-on sports tier. This advantaged a rival channel owned by Cablevision itself, which would now face less competition for customer eyeballs
The Congressional Democrats’ new economic agenda elevates antitrust policy to a stature it has not attained in many decades, and it questions the consensus that has governed antitrust policy while it has been out of the public eye. Antitrust must be a core component of any agenda that would address the slow economic growth, rising