Presentation to the Congressional Antitrust Caucus, Panel Remarks February 16, 2018 Today, economists and average Americans are confused by the same puzzle: We see historically high corporate profits and low corporate investment. In a productive economy, high profits and low investment aren’t supposed to occur simultaneously. So how do we explain what is going on?
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
There is much to be concerned about in America today: a growing political and economic divide, slowing growth, decreasing life expectancy, an epidemic of diseases of despair. The unhappiness that is apparent has taken an ugly turn, with an increase in protectionism and nativism. Trump’s diagnosis, which blames outsiders, is wrong, as are the prescriptions
This is an edited version of his talk delivered at “Does America Have a Monopoly Problem,” co-hosted by the Roosevelt Institute and the George Washington Institute of Public Policy on September 25, 2017, in Washington, DC. The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the
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
The news that Barry Lynn’s Open Markets group has been evicted from its DC think tank home, New America, for crossing the interests of its major funder, Google, is a legitimately shocking development. This development crystalizes the concerns about monopoly power that we at Roosevelt have been pointing out these past few years—along with our
Below please find the full video of the Roosevelt Institute and GWIPP’s Market Power Rising: Do we Have a Monopoly Moment? Event Info: Are we in a monopoly moment? From Amazon’s purchase of Whole Foods, to multi-billion dollar fines for Google in the EU, to the future of Net Neutrality, the intersection of competition policy