Glen Gyssler
If there’s a single issue that crosses political lines in the United States, it’s antitrust. Politicians on both sides of the aisle have argued that corporate consolidation has driven down wages for workers and driven up prices for consumers. This past July, the White House issued an executive order that, among other things, directed antitrust agencies to step up enforcement with a focus on agriculture, labor, health-care, and technology markets. But how aligned are economists on this issue? Chicago Booth’s Initiative on Global Markets asked members of its US Economic Experts Panel to express their views.
David Autor, MIT
“But the answer differs by sector. Examples. Yes: airlines, wireless/broadband, hospitals. No: retail, restaurants.”
Response: Agree
Austan D. Goolsbee, Chicago Booth
“Corporate consolidation, record-breaking profits, and the lowest labor share of national income on record are probably just a coincidence. . . .”
Response: Strongly agree
Hilary Hoynes, University of California at Berkeley
“Agree that it constrains wage growth, especially for lower-skill workers. Uncertain about innovation.”
Response: Uncertain
Daron Acemoglu, MIT
“I think here we are on firmer ground and there is more evidence supporting this claim.”
Response: Agree
Kenneth Judd, Stanford
“There is competition; for example, satellite competes with cable. Switching costs keep me from considering changes in service.”
Response: Disagree
Steve Kaplan, Chicago Booth
“Wasn’t US broadband more reliable in the pandemic than it was in Europe?”
Response: Uncertain
Chicago Booth’s Matthew J. Notowidigdo discusses what it would take for the US health system to produce better outcomes.
How Can We Fix US Healthcare?
If some suppliers are innovating at a much faster pace than others, it can hinder an industry’s growth.
The Equation: Are Supply Chains Holding Back Productivity Growth?
Monetary policy makers set the stage for inflation but were slow to respond when it appeared.
The Case for and against Central BankersYour Privacy
We want to demonstrate our commitment to your privacy. Please review Chicago Booth's privacy notice, which provides information explaining how and why we collect particular information when you visit our website.