Beyond Antitrust: The Role of Competition Policy in Promoting Inclusive Growth
Citation: Jason Furman (2016/09/16) Beyond Antitrust: The Role of Competition Policy in Promoting Inclusive Growth. Searle Center Conference on Antitrust Economics and Competition Policy (RSS)
Notes evidence for trends in concentration (e.g., top n firms in various sectors have greater market share).
Notes 7 macroeconomic trends related to competition (quotes):
- The economy has seen a slowdown in the creation of new businesses, as the average business is now older and the top firms capture more market share.
- Labor markets have become less fluid, with workers less likely to move between jobs, industries, occupations, and locations.
- The share of income going to capital has risen, and the share of income going to labor has fallen.
- The rate of return on capital has risen relative to the safe rate of return.
- But businesses are investing less.
- The rate of return across businesses has become increasingly dispersed.
- Wage inequality has grown substantially between workers at different businesses and establishments.
Notes 4 pro-competition policy applications:
- Intellectual Property and Patent Reform
- Increasing the Bargaining Power of Workers
- Reforming Occupational Licensing
- Reforming Land-Use Regulation