Disruption, Concentration, and the New Economy
The rise of Big Tech has ushered in broad structural economic changes that academics and policymakers are only just beginning to understand. Still, some trends are already discernible, and they raise urgent questions about the future of competition, innovation, and inequality in the United States and around the world.
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CHICAGO – The growing dominance of leading technology firms has occasioned an intense debate about the tradeoffs between efficiency and market power, while raising questions about what the changing structure of markets will mean for innovation and the distribution of wealth in the future. The annual Jackson Hole Economic Policy Symposium in Wyoming, organized by the Federal Reserve Bank of Kansas City, offered an excellent set of papers and commentators on the subject.