Beyond Antitrust: The Role of Competition Policy in Promoting Inclusive Growth

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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)



Download: https://www.whitehouse.gov/sites/default/files/page/files/20160916_searle_conference_competition_furman_cea.pdf

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Summary:

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):

  1. 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.
  2. Labor markets have become less fluid, with workers less likely to move between jobs, industries, occupations, and locations.
  3. The share of income going to capital has risen, and the share of income going to labor has fallen.
  4. The rate of return on capital has risen relative to the safe rate of return.
  5. But businesses are investing less.
  6. The rate of return across businesses has become increasingly dispersed.
  7. Wage inequality has grown substantially between workers at different businesses and establishments.

Notes 4 pro-competition policy applications:

  1. Intellectual Property and Patent Reform
  2. Increasing the Bargaining Power of Workers
  3. Reforming Occupational Licensing
  4. Reforming Land-Use Regulation