Why We Should Worry About Monopsony
By David Weil, Institute for New Economic Thinking website, 9.2.18
When a small group of companies
can dominate a labor market,
Center stage in the meeting of the Federal Research Bank of Kansas City’s annual symposium in Jackson, Wyoming this August was a discussion of the repercussions of having a small number of companies dominating the labor markets where they hire workers–what economists call “monopsony.” That agenda item on an annual meeting that the financial, business, and economics professions watch closely marks the clear arrival of the topic into the mainstream of economic dialogue. Along with debating the overall impacts of growing market control of companies like Amazon and Google, participants discussed what role monopsony plays in explaining the absence of significant wage growth in the presence of historically low unemployment rates and how the Federal Reserve should factor its effects into...
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