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Jason Furman on Productivity, Competition, and Growth
Conversations with Tyler
Is There a Predictive Power in Market Power?
I think that you can't these macro measures of market power are limited and problematic. We knew that the first time we published them at the council of economic advisers. The question is, like anything else in economics, does it have predictive power? Does it explain something? Does it work? And it does seem associated with things like profitability,. In some of the aggregate models, it matches features of the data like the rise in the return to capital relative to the safe rate of return on treasuries. So, you know, is this going to work for every sector? No. I think i'm an economic realist. Given the apparent end of the saving clat from asia,...
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