




How concentrated is corporate power in America today? How big of a problem is this? According to Thomas Philippon, the answers are “more concentrated than in Europe, and more concentrated than any other time in recent American history,” and, more simply, “yes, it’s a big problem.” On today’s podcast, Thomas and I delve into this argument, outlined in his recently released book, The Great Reversal: How America Gave Up on Free Markets. We explore how industry concentration has affected various American markets — from air travel to health care. We also explore the difference between good and bad concentration, and discuss which label better applies to big technology companies.



Thomas is a professor of finance at New York University’s Leonard N. Stern School of Business. He is also an associate editor of the American Economic Journal and a research associate at the National Bureau of Economic Research.



You can also check out the transcript of this podcast here.



 





Thomas Philippon: How America gave up on free markets

Tune in each week as James Pethokoukis interviews economists, business leaders, academics and others on the most important and interesting issues of the day. You can find all episodes at AEI, Ricochet, and wherever podcasts are downloaded, and look for follow-up transcripts and blog posts at aei.org.

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Bronwyn Howell: Regulating AI

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Kevin Corinth: The Child Tax Credit

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Karlyn Bowman: American Nostalgia

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Milton Friedman was one of the most influential economists of the 20th century, right alongside John Maynard Keynes. His work pushed economic thought toward free markets in the 1970s and 1980s. His passionate defense of capitalism and economic freedom had global appeal right through the present day. As such, the closing decades of the 20th century have been termed "The Age of Friedman," yet commentators have sought to hold him responsible for both the rising prosperity and rising inequality of recent times. Jennifer Burns is a professor at Stanford University, where she teaches 20th century American history. Her research focuses on how capitalism and the power of the market have influenced the American Political Economy. Burns' new book is Milton Friedman: The Last Conservative. 

Thomas Philippon: How America gave up on free markets

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