The Biden Administration’s Recent Antitrust Wins Help Us All
The steady rise of market power in the United States has undercut productivity growth, contributed to inequality, and reduced ordinary Americans' living standards. Fortunately, US antitrust authorities are finally taking the problem seriously and chalking up important victories on the public's behalf.
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NEW YORK – Competition is what makes markets work (when they do). But firms don’t like competition because it tends to drive down profits. For the typical businessperson, whose objective is reaping gains above the normal return on capital, that is no fun. As Adam Smith observed 250 years ago, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”