How Antitrust Failed Workers, by Eric A. Posner (Oxford University Press, 224 pp., $29.95) In 1776, Adam Smith made perhaps the most famous statement linking monopoly power to labor. “Masters,” he wrote in The Wealth of Nations, “are always and everywhere in a sort of tacit, but constant and uniform, combination, not to raise the […]
Two Federal Reserve economists have just come out with a paper on the social consequences of widespread monopolization of markets by large corporations. And the short story is, nothing good. The paper suggests that elevated market power causes: Declining labor share and rising profit share of national income Rising income and wealth inequalities Rising household […]
Last week, the House Antitrust Subcommittee grilled the CEOs of four large technology platforms – Apple, Amazon, Google, and Facebook – for five and a half hours, focusing on the market power these corporations have accumulated over the last fifteen to twenty years. Typically such hearings are superficial and partisan, with the Republicans and Democrats […]
The American medical industry offers a case study of how market concentration undermines economic resilience.
Last week, some very large employers – including Salesforce, Tesla, and Walmart – called for a corporate merger moratorium for hospitals and doctors groups. It’s unusual to have the paragons of big business assert the need for aggressive antitrust, but it speaks to how confused our current economic debates really are. My first blog post […]
Oren Cass invited me to contribute to this site not as a conservative but as a lefty and Democrat who is fascinated by the project of intellectual revival in which this network of thinkers is engaged. The contributors share an important goal, which is to rebuild an economic and political consensus in favor of the national […]