A new analysis adds to worries about market power
PHYSICISTS’ QUEST for a “theory of everything” to explain all of their observations about the world is well-known. The equivalent in economics is the hunt for common causes for the rich-world macroeconomic trends of the past decade or so: a shrinking share of the economic pie for workers, disappointing investment and lacklustre productivity growth. These must be reconciled with low interest rates, pockets of technological advance and juicy returns for investors willing to take risks.
Case closed? Not so fast. Those who doubt that competition has weakened attribute such findings to the rise of “superstar” firms. They argue that economic activity is becoming concentrated in the best firms because of technology, network effects and globalisation.
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