One conclusion the young are justified in reaching is that the world is run by well-off older men (present company excepted) intent on making the world better for themselves, even if that comes at the expense of others, writes 1RossGittins | OPINION
The lockdown is dragging on so long and its end point is so uncertain that it’s easy to become anxious and despondent. That’s especially true of the young, who’ve had less experience of bad episodes eventually passing. The rest of us know they will, however long it takes. But it may help if we switch the focus to what we’ll do to make the world a better place once things return to normal.
When companies get bigger by taking over their competitors, this gives them more power to increase their prices and profits without them becoming more efficient or paying their workers more.The list of Australian markets dominated by a few large firms is long, including banking, supermarkets, insurance, electricity and gas retailing, domestic air travel, pathology testing, mobile phones and internet service providers, not to mention internet search and social media platforms.
Sims says competitive markets work much better for consumers, and increase innovation and productivity. Market power is hurting Australians in many ways, he says. Consumers are paying more than they should for a wide range of goods and services.
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