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Industry Concentration
- Many industries, including beer, petrol, and airlines, are highly concentrated.
- This concentration leads to higher prices and less competition.
The Wage Puzzle
- Jonathan Tepper's wage leading indicator showed wages weren't rising despite indicators suggesting they should.
- This suggested a flaw in capitalism: lack of competition, not excessive capitalism.
Merger Consequences
- Mergers, driven by the belief in efficiency, have led to increased concentration.
- This reduces competition, impacting wages, supplier power, and consumer prices.