The markup of price over marginal cost reveals market power. The distinction between marginal and average cost is key. Average cost is easy to measure, but the

A number of recent papers have argued that US firms exert increasing market power, as measured by their markups of price over marginal cost. I review three of t

In an age of dwindling economic competition, instead of breaking up corporate giants, we need to compel them to share their technology, data, and knowledge

Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communit

This book presents several fundamentally new ideas. It shows that the notion of market dominance depends on the choices of firms. The fundamental idea here is t