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Author: Mordecai Kurz
Publisher: Columbia University Press
ISBN: 0231556527
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
Since the 1980s, the United States has regressed to a level of economic inequality not seen since the Gilded Age in the late nineteenth century. At the same time, technological innovation has transformed society, and a core priority of public policy has been promoting innovation. What is the relationship between economic inequality and technological change? Mordecai Kurz develops a comprehensive integrated theory of the dynamics of market power and income inequality. He shows that technological innovations are not simply sources of growth and progress: they sow the seeds of market power. In a free market economy with intellectual property rights, firms’ control over technology enables them to expand, attain monopoly power, and earn exorbitant profits. Competition among innovators does not eliminate market power because technological competition is different from standard competition; it results in only one or two winners. Kurz provides a pioneering analysis grounded on quantifying technological market power and its effects on inequality, innovation, and economic growth. He outlines what causes market power to rise and fall and details its macroeconomic and distributional consequences. Kurz demonstrates that technological market power tends to rise, increasing inequality of income and wealth. Unchecked inequality threatens the foundations of democracy: public policy is the only counterbalancing force that can restrain corporate power, attain more egalitarian distribution of wealth, and make democracy compatible with capitalism. Presenting a new paradigm for understanding today’s vast inequalities, this book offers detailed proposals to redress them by restricting corporate mergers and acquisitions, reforming patent law, improving the balance of power in the labor market, increasing taxation, promoting upward mobility, and stabilizing the middle class.
Author: Mordecai Kurz
Publisher: Columbia University Press
ISBN: 0231556527
Category : Business & Economics
Languages : en
Pages : 456
Get Book Here
Book Description
Since the 1980s, the United States has regressed to a level of economic inequality not seen since the Gilded Age in the late nineteenth century. At the same time, technological innovation has transformed society, and a core priority of public policy has been promoting innovation. What is the relationship between economic inequality and technological change? Mordecai Kurz develops a comprehensive integrated theory of the dynamics of market power and income inequality. He shows that technological innovations are not simply sources of growth and progress: they sow the seeds of market power. In a free market economy with intellectual property rights, firms’ control over technology enables them to expand, attain monopoly power, and earn exorbitant profits. Competition among innovators does not eliminate market power because technological competition is different from standard competition; it results in only one or two winners. Kurz provides a pioneering analysis grounded on quantifying technological market power and its effects on inequality, innovation, and economic growth. He outlines what causes market power to rise and fall and details its macroeconomic and distributional consequences. Kurz demonstrates that technological market power tends to rise, increasing inequality of income and wealth. Unchecked inequality threatens the foundations of democracy: public policy is the only counterbalancing force that can restrain corporate power, attain more egalitarian distribution of wealth, and make democracy compatible with capitalism. Presenting a new paradigm for understanding today’s vast inequalities, this book offers detailed proposals to redress them by restricting corporate mergers and acquisitions, reforming patent law, improving the balance of power in the labor market, increasing taxation, promoting upward mobility, and stabilizing the middle class.
Author: Jan Eeckhout
Publisher: Princeton University Press
ISBN: 0691224293
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
A pioneering account of the surging global tide of market power—and how it stifles workers around the world In an era of technological progress and easy communication, it might seem reasonable to assume that the world’s working people have never had it so good. But wages are stagnant and prices are rising, so that everything from a bottle of beer to a prosthetic hip costs more. Economist Jan Eeckhout shows how this is due to a small number of companies exploiting an unbridled rise in market power—the ability to set prices higher than they could in a properly functioning competitive marketplace. Drawing on his own groundbreaking research and telling the stories of common workers throughout, he demonstrates how market power has suffocated the world of work, and how, without better mechanisms to ensure competition, it could lead to disastrous market corrections and political turmoil. The Profit Paradox describes how, over the past forty years, a handful of companies have reaped most of the rewards of technological advancements—acquiring rivals, securing huge profits, and creating brutally unequal outcomes for workers. Instead of passing on the benefits of better technologies to consumers through lower prices, these “superstar” companies leverage new technologies to charge even higher prices. The consequences are already immense, from unnecessarily high prices for virtually everything, to fewer startups that can compete, to rising inequality and stagnating wages for most workers, to severely limited social mobility. A provocative investigation into how market power hurts average working people, The Profit Paradox also offers concrete solutions for fixing the problem and restoring a healthy economy.
Author: T.V.S. Ramamohan Rao
Publisher: Cambridge Scholars Publishing
ISBN: 1527572714
Category : Business & Economics
Languages : en
Pages : 194
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Book Description
Every firm in the market for industrial products offers a distinct value to consumers. As such, they derive some market power based on the intrinsic value of their products. However, firms often utilize non-price strategies to reveal value to consumers because both the consumers and firms experience information asymmetry with respect to such value. They may also orient some strategies to increase their market share. In general, non-price strategies contain information about value beyond the market shares they achieve, and the shifts in market demand provide the firm with some transient market power. This book indicates that, given the transaction costs to the consumers, of switching between products, the increase in demand tends to be of a longer-term nature. It will not be eliminated over time, as is often conjectured. Measures of the intrinsic value of products, transient market power, and the changes in non-price strategies of firms that tend to perpetuate it are also defined and estimated in the text.
Author: Richard J. Gilbert
Publisher: MIT Press
ISBN: 026235862X
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and available evidence on economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather than innovation. Economic theory shows the ways that price competition benefits consumers, and courts, antitrust agencies, and economists have developed tools for the quantitative evaluation of price impacts. Antitrust law does not preclude interventions to encourage innovation, but over time the interpretation of the laws has raised obstacles to enforcement policies for innovation. In this book, economist Richard Gilbert proposes a shift from price-centric to innovation-centric competition policy. Antitrust enforcement should be concerned with protecting incentives for innovation and preserving opportunities for dynamic, rather than static, competition. In a high-technology economy, Gilbert argues, innovation matters.
Author: William H. McNeill
Publisher: University of Chicago Press
ISBN: 022616019X
Category : History
Languages : en
Pages : 416
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Book Description
In this magnificent synthesis of military, technological, and social history, William H. McNeill explores a whole millennium of human upheaval and traces the path by which we have arrived at the frightening dilemmas that now confront us. McNeill moves with equal mastery from the crossbow—banned by the Church in 1139 as too lethal for Christians to use against one another—to the nuclear missile, from the sociological consequences of drill in the seventeenth century to the emergence of the military-industrial complex in the twentieth. His central argument is that a commercial transformation of world society in the eleventh century caused military activity to respond increasingly to market forces as well as to the commands of rulers. Only in our own time, suggests McNeill, are command economies replacing the market control of large-scale human effort. The Pursuit of Power does not solve the problems of the present, but its discoveries, hypotheses, and sheer breadth of learning do offer a perspective on our current fears and, as McNeill hopes, "a ground for wiser action."
Author: William Lee Baldwin
Publisher: Routledge
ISBN:
Category : Business & Economics
Languages : en
Pages : 188
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Book Description
First Published in 1987. Routledge is an imprint of Taylor & Francis, an informa company.
Author: Alasdair Nairn
Publisher: John Wiley & Sons
ISBN: 9780471205951
Category : Business & Economics
Languages : en
Pages : 524
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Book Description
A comprehensive history of market-shaping industries and their impact on how we invest today This engaging book highlights the history of industrial development and its impact on investors. Today's investors will learn about past approaches to technological advances such as-electricity, the railroad, the telephone, the computer, and much more-while gaining insights on how to appraise the "new technology" companies of the future. This complete and well researched history of industries and investing wouldn't be complete without a look at: how Thomas Edison lost control of his company, the impact of the Standard Oil breakup, the early days of the wireless industry, and the changing face of the computer industry today. Investors looking for industry-shaping investments will undoubtedly use Engines That Move Markets as their guide.
Author: W. Baldwin
Publisher: Taylor & Francis
ISBN: 1136458298
Category : Business & Economics
Languages : en
Pages : 181
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Book Description
This book provides a survey of the theory and of the empirical knowledge about the links between market structure and technological change.
Author: David Selkirk Wilson
Publisher:
ISBN:
Category :
Languages : en
Pages : 366
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Book Description
Author: Agustin Velasquez
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
The labor share has been declining in the United States, and especially so in manufacturing. This paper investigates the role of capital accumulation and market power in explaining this decline. I first estimate the production function of 21 manufacturing sectors along time series and including time-varying markups. The elasticities of substitution for most sectors are estimated below one, implying that capital deepening cannot explain the labor share decline. I then track the long-run evolution of the labor share using the estimated production technology parameters. I decompose aggregate labor share changes into sector re-weights, capital-labor substitution, and market power effects. I find that the increase in market power, as reported in recent studies, can account for, at least, 76 percent of the labor share decline in manufacturing. Absent the rise in market power, the labor share would have remained constant in the second half of the 20th century.
