Is There a Lack of Competition in the American Economy?

I think there is a lack of competition in the American economy, which is extremely worrying. I would also say that as societies become more sophisticated and as they become richer, they can reward a wider and wider range of abilities and talents. So John Adams, who's a great thinker about meritocracy, he says at one point, I study war and politics. So my children can study mathematics. So their children can study painting and tapestry and furniture making. There ought to be the case that our talents are recognized and rewarded as society becomes more sophisticated.