Rising Market Concentration and Declining Business Investments in the USA – Update June 2018
Since my last posts in August/September 2017 on the subject of
- Market Concentration
- Inequality
- Market Power
- Reduced Competition
- Reduced Dynamism
- Rising Profits
- Declining Business Investments
several new studies have been published. In addition, several important hearings and conferences have been organized by OECD, Brookings Institution, Boston University School of Law. Please see my list of references for details of each one of them.
This topic now is getting good attention in media also.
The Peterson Institute for International Economics (PIIE) held a major research conference on the “Policy Implications of Sustained Low Productivity Growth” on November 9, 2017. Jeromin Zettelmeyer, PIIE, moderates panel 4, “Wages and Inequality.” Presenters include Jason Furman, Harvard University and PIIE, and Lawrence H. Summers, Harvard University. I have given the link to Video of the session 4 in the references.
OECD on June 7-8, 2018 held hearings on Market Concentration at Paris, France. Several presentations were given by experts in the field. I have given link to the conference webpage in the references.
The Hamilton Project/Brookings Institution had a Conference on June 13, 2018 in Washington DC on the subject of Market Concentration. Please see the link to the conference video and papers in the references below.
From The State of Competition and Dynamism:
Facts about Concentration, Start-Ups, and Related Policies
From The State of Competition and Dynamism:
Facts about Concentration, Start-Ups, and Related Policies
Please see my related posts:
Rising Profits, Rising Inequality, and Rising Industry Concentration in the USA
Low Interest Rates and Business Investments : Update August 2017
Increasing Returns, Path Dependence, Circular and Cumulative Causation in Economics
Increasing Returns and Path Dependence in Economics
Business Investments and Low Interest Rates
Mergers and Acquisitions – Long Term Trends and Waves
Key Sources of Research:
Building a More Dynamic and Competitive Economy
Hamilton Project
Brookings
June 13, 2018
http://www.hamiltonproject.org/events/building_a_more_dynamic_and_competitive_economy
Video of the Opening Remarks and Fireside Chat – Robert Rubin, Jason Furman, Steve Case
The State of Competition and Dynamism:
Facts about Concentration, Start-Ups, and Related Policies
Jay Shambaugh, Ryan Nunn, Audrey Breitwieser, and Patrick Liu
Brookings/Hamilton Project
June 2018
Click to access ES_THP_20180611_CompetitionFacts_20180611.pdf
Market Concentration
OECD Hearing on Market Concentration
June 7-8, 2018
http://www.oecd.org/daf/competition/market-concentration.htm
Market Concentration Issues paper by the Secretariat
6-8 June 2018
OECD
Presented by the Business at OECD (BIAC) Competition Committee to the OECD Competition Committee
Market Concentration
June 7, 2018
Click to access BIAC_CC_Market-Concentration_2018-05-22_FINAL1.pdf
Chapter VI
MARKET POWER AND INEQUALITY: THE REVENGE OF THE RENTIERS
Trade and Development Report 2017
UNCTAD
Click to access tdr2017ch6_en.pdf
The fall and rise of market power in Europe∗
John P. Wechea,b & Achim Wambacha
A policy at peace with itself: Antitrust remedies for our concentrated, uncompetitive economy
2018
The Rise of Market Power and the Macroeconomic Implications
Jan De Loecker, Jan Eeckhout
Issued in August 2017
http://www.nber.org/papers/w23687
This chart highlights the rise of corporate giants
WEF
2018
https://www.weforum.org/agenda/2018/06/chart-of-the-week-the-rise-of-corporate-giants
Market power in the U.S. economy today
https://equitablegrowth.org/market-power-in-the-u-s-economy-today/
Is Lack of Competition Strangling the U.S. Economy?
David Wessel
https://hbr.org/2018/03/is-lack-of-competition-strangling-the-u-s-economy
Competition Conference 2018
What’s the Evidence for Strengthening Competition Policy?
Boston University
July 2018
http://sites.bu.edu/tpri/news-and-events/competition-conference-2018/
Declining Competition and Investment in the U.S.
Germán Gutiérrez† and Thomas Philippon‡
November 2017
https://www.aeaweb.org/conference/2018/preliminary/paper/iDeysKkh
Should We Really Care About Inequality?
https://www.project-syndicate.org/videos/should-we-really-care-about-inequality
Beyond Antitrust: The Role of Competition Policy in Promoting Inclusive Growth
Jason Furman
Chairman, Council of Economic Advisers
Searle Center Conference on Antitrust Economics and Competition Policy Chicago, IL
September 16, 2016
Click to access 20160916_searle_conference_competition_furman_cea.pdf
POWERLESS: How Lax Antitrust and Concentrated Market Power
Rig the Economy Against American Workers, Consumers, and Communities
Roosvelt Institute
Is Government the Problem or the Solution to U.S. Labor Market Challenges?
Jason Furman
2018
https://minneapolisfed.org/~/media/files/institute/conferences/2018-05/furman-slides.pdf?la=en
With Competition in Tatters, the Rip of Inequality widens
THE 2018 JOINT ECONOMIC REPORT
REPORT OF THE JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES
ON THE 2018 ECONOMIC REPORT OF THE PRESIDENT
Click to access CRPT-115hrpt596.pdf
Concentration not competition: the state of UK consumer markets
2017
Click to access Concentration-not-competition.pdf
CORPORATE RENT-SEEKING, MARKET POWER AND INEQUALITY:
TIME FOR A MULTILATERAL TRUST BUSTER?
UNCTAD
May 2018
Click to access presspb2018d3_en.pdf
America’s Superstar Companies Are a Drag on Growth
Big Companies Are Getting a Chokehold on the Economy
Monopolies May Be Worse for Workers Than for Consumers
LABOR MARKET CONCENTRATION
José Azar
Ioana Marinescu Marshall I. Steinbaum
2017 December
More and more companies have monopoly power over workers’ wages. That’s killing the economy.
The trend can explain slow growth, “missing” workers, and stagnant salaries.
Antitrust Remedies for Labor Market Power
Suresh Naidu
Date Written: February 23, 2018
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3129221
Policy Implications of Sustained Low Productivity Growth – Panel 4
Jason Furman / Larry Summers
Peterson Institute for International Economics
November 2017
https://piie.com/events/policy-implications-sustained-low-productivity-growth
Presentation by jason Furman
Click to access 4-1furman20171109ppt.pdf
Paper by Jason Furman – published June 2018
Panel 4 Video:
Viewpoints which Matter 