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Economics
History
The word monopolies has negative connotations in economic history, but recently monopolies have been praised by people such as Warren Buffett an Peter Thiel. The arguments for and against are not new, but some of the arguments for and against now have better empirical support.

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Arguments supporting this position

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Context

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The Argument

Monopolies or tight oligopolies have "pricing power" according to Warren Buffett. This is well documented in economic literature. What is less understood or considered is that they also have market power over workers. Research by Jose Azar, Marshall Steinbaum and Ioana Marinescu shows that commuting zones that are more concentrated have lower wages. While some monopolies like Google and Facebook may pay workers well, these are the exceptions rather than the rule. Also, monopolies in product markets are often monopsonies in labor markets, i.e. they are only one buyer of labor.

Counter arguments

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Premises

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Rejecting the premises

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This page was last edited on Sunday, 4 Nov 2018 at 17:04 UTC