Antitrust authorities must also tackle the vexing question of what constitutes illegal “predatory” pricing in today’s market. But in practice, location remains central to competition. There’s no question that most American industries have become more concentrated. After the e-commerce company Quidsi — the owner of Diapers.com — rejected a 2009 acquisition overture from Amazon, Amazon responded by cutting prices for diapers and other baby products by as much as 30% on its site and rolling out Amazon Mom, which offered discounts and free shipping. Geographic, cultural, and institutional proximity provides companies with special access, closer relationships, better information, powerful incentives, and other advantages that are difficult to tap from a distance. At last count, 22% do. Gabriel Chodorow-Reich is an assistant professor of economics at Harvard. In the first quarter of 2017, Berkshire Hathaway, BlackRock, Vanguard, and Primecap owned a combined 23% stake in Delta, 29% in United, 31% in American, and 38% in Southwest. It is the only electricity market design that integrates According to James Bessen of Boston University, the increasing share of revenue captured by the top firms in industries outside of high-tech is explained by those firms’ adoption of proprietary, mission-critical information technology: They’re bigger because they’re better. RedBall Project by Kurt Pershke; Photography by Brit Worgan. Harvard Business Publishing is an affiliate of Harvard Business School. And they cite anecdotal evidence undermining the notion that institutional holders are reluctant activists: For example, in the 2017 showdown between Procter & Gamble and activist Nelson Peltz, Vanguard sided with P&G, while State Street and BlackRock voted almost all their shares for Peltz. The most famous examples are found in Silicon Valley and Hollywood, but clusters dot the world's landscape. When corporations use their market power to crush competition, problems arise. Economics & Business Search Results: 894 found (sorted by date) Click on a column heading to sort search results by title, author, etc. Rather, it’s the combined effect of size, concentration, and, importantly, incumbent-friendly regulation on the healthy competition that propels economic growth. Economic theory suggests that oligopolies — industries in which a few firms dominate without much competition — lead to increases in price and reductions in output. On a broader scale, the capacity of Facebook’s platform to spread innovation throughout the economy means that benefits from technological advances accrue faster and more broadly than they would in the hands of a start-up. In 2011, AT&T sought to acquire a struggling competitor, T-Mobile USA, in a $39 billion deal that would have reduced the number of major competitors in the industry from four to three. The Farmington Economics A Team won the 12th Annual Harvard Pre-Collegiate Economic Challenge on Saturday, April 1. This article explains how clusters foster high levels of productivity and innovation and lays out the implications for competitive strategy and economic policy. In a 2002 study, Lawrence White, a New York University economist, concluded that economy-wide concentration had fallen from the beginning of the 1980s to the end of the 1990s. Consider beer. Today, profits are up in industries in which a shrinking number of players have a growing share of the business. Prices following a subset of these mergers rose by an average of 4.3%, holding other factors constant, Kwoka found. We’ll never know what TBH or Halli Labs or Orbitera or Instagram or WhatsApp or Oculus VR might have become had Facebook not absorbed them — or what companies might have been started had prospective founders not figured that it would be impossible to compete with Facebook. It is time for antitrust authorities to renew their scrutiny of traditional mergers. This is a start, but regulators and policymakers have more work to do. This motivating and fun team learning experience begins with competitions at the state level. Although the United States doesn’t regulate pharmaceutical prices, as most rich countries do, it offers makers of brand-name drugs patent protection, periods of exclusivity, and other ways to recoup their investment in expensive research that produces new drugs. According to Yale economist Fiona Scott Morton, however, over the past 10 to 15 years “industry participants have managed to disable many of these competitive mechanisms and create niches in which drugs can be sold with little to no competition.” For example, the marketing of some drugs with particularly severe side effects is now very tightly controlled through the FDA’s Risk Evaluation and Mitigation Strategy, or REMS. Schmalz and his colleagues don’t allege explicit collusion; rather, they claim that common ownership reduces the incentive to compete. Previously, I was a postdoctoral scholar at the John F. Kennedy School of Government and Harvard Business School. Harvard has several PhD programs that may also be of interest to students considering applying to the PhD program in economics. Health economics is a crucial dimension of global health delivery. “Although provider concentration could produce efficiencies that benefit purchasers of health care services, the evidence does not point in that direction,” Berkeley’s Brent Fulton concludes in a 2017 review of the literature. To the extent that firms are being driven to innovate, there is little to worry about. The FTC decided that it wouldn’t, and the merger went through. California’s Board of Barbering and Cosmetology requires 1,600 hours of education and hands-on training before a person can take the licensing exam, and another 3,200 hours of apprenticeship and 220 hours of related training are required for licensure. In the U.S., the rate of birth of new firms (as a percentage of all firms) fell from above 13% in the late 1980s to around 8% in 2015, according to the most recent official data. Welcome to Undergraduate Economics at Harvard! Please see the Economics Summer School webpage. The worrisome aspects of increasing industry consolidation can’t be addressed solely through antitrust enforcement. Should evidence mount that competition is suffering because of this trend, cross-ownership by institutional investors should take its place alongside antitrust and regulation as a lever in managing the troubling decline in competition across the U.S. economy. Seen through the hero lens, the prospect of selling out to Facebook (or Google or Apple) offers many economic advantages. Seen through the villain lens, however, Facebook’s relentless swallowing up of promising young firms effectively squashes the potential of upstarts to become competitors. Take airlines. Despite the proliferation of craft breweries, four brewers hold nearly 90% of the U.S. beer market. In the 1960s, only 10% of U.S. workers had an occupational license. Consider Facebook and its 2017 acquisition of TBH (for “To Be Honest”), a mobile app popular with teenagers that allows them to anonymously answer questions about their friends. Economics for Managers takes you inside a growing online retailer, an events ticket broker, a multinational publishing company, and other firms evaluating market demand, wrestling with pricing strategy, and looking to identify ways to differentiate themselves in the marketplace. Melissa Dell wins 2020 Clark Medal Harvard economist’s work focuses on the lasting effects that conflicts, economic conditions, and institutions can have on a society April 28, 2020 American economy on the bubble Once those protections expire, however, prices theoretically should fall as makers of generics enter the market. TBH is only one of more than 60 such acquisitions by Facebook since 2010. A slowdown in business dynamism means that entrenched firms have less to fear from upstarts; as a result, the economy suffers as innovation slows and job growth stalls. When enforced, these agreements inhibit a worker’s ability to switch jobs and constrain the ability of new firms to hire talent. In 2014, under pressure from the Federal Communications Commission, the wireless phone industry finally agreed to allow consumers to unlock their cell phones if they wanted to change providers. Despite their undeniable popularity, Apple, Monopolies and Tech Giants: The Insights You Need from HBR. Recent research by the University of Michigan’s Martin Schmalz and colleagues argues that cross-ownership discourages big companies from competing aggressively against one another. Harvard Kennedy School Library The HKS Library specializes in supporting research in politics, public policy, international development and other social science/business/economics topics of interest to the Harvard Kennedy School community. That’s more worrisome, Haltiwanger says, because it portends slower productivity growth. Policymakers also need to scrutinize regulations that restrict competition across the economy. CHANGES TO 2020 REGISTRATION GUIDELINES. The exam will not take place in-person on the Harvard campus this summer. coordination for competition in electricity markets. In remedying the harmful effects of industry consolidation and declining competition, an obvious place to start is antitrust regulation and enforcement. Legere dumped subsidies, lowered prices, offered more data and often poked fun at rivals.” T-Mobile thrived, signing up 4.4 million new subscribers in 2013. “Investment is weak relative to profitability and valuation,” NYU’s Thomas Philippon and German Gutierrez concluded in a 2017 analysis built on the historical relationship between investment and the ratio of the market value of a company’s debt and equity to the replacement cost of its assets. The argument for reexamining current merger guidelines — and, where appropriate, challenging the case law that is said to make Department of Justice and FTC lawyers reluctant to bring cases — is very strong. Course description. In theory, location should no longer be a source of competitive advantage. Many students in these programs have considerable overlap in their coursework with courses offered to PhD students in economics. Quidsi struggled, flirted with Walmart, but eventually sold itself to Amazon. Consider Amazon’s alleged use of below-cost pricing to pressure and ultimately acquire a potential competitor. The research on whether common ownership harms competition may be inconclusive, but the work is increasingly vital as the stakes in major companies held by large institutional investors continue to rise dramatically. The economy is more concentrated. The best way to discern if increasing concentration is worrisome economically is to look at profits, investment, business dynamism, and prices. In the 2000s, under Barack Obama, the stance became somewhat more aggressive, but it remains unclear whether his executive orders to promote competitive markets, issued in the closing innings of his administration, were mere symbolism or a serious effort. (Their clout caught the attention of European regulators long ago.) Despite their undeniable popularity, Apple, Amazon, Google, and Facebook are drawing increasing scrutiny from economists, legal scholars, politicians, and policy wonks, who accuse these firms of using their size and strength to crush potential competitors. Because Synergy didn’t do business in the United States at the time, the FTC argued, a merger would preclude any competition that might result from Synergy’s eventual entrance into the U.S. market. Please note: Due to COVID-19, the Economics Department is allowing concentrators in the Classes of 2021, 2022, and 2023 to count more Harvard Summer School Classes towards the Economics concentration. Creating a category of “dental therapists” to provide some routine services “could benefit consumers by increasing choice, competition and access to care, especially for the underserved,” the FTC said. The economic effect of this growth is that huge investors increasingly hold substantial stakes in all major competitors in an industry. Issues such as the environment, taxation, and income distribution are … All rights reserved. Weighted by size of industry, the top four firms’ share of revenue had risen to 32% in 2012 from 26% in 1997. And unfortunately, there’s more than enough evidence to conclude that a substantial portion of the U.S. economy suffers from a lack of competition. We jointly organize the Essay competition with HUEA, and we also publish the … Much of the increase is a result of states extending the occupations for which licenses are required. Big firms account for higher shares of industry revenue and are reaping historically large profits relative to their investment. There’s no question that most industries are becoming more concentrated. Enquiries on the LSE SU Economics Essay Competition should be sent to economics@lsesu.org. This course offers an introduction to the market system, emphasizing economic interactions among individuals, business firms, and government. In 2015, the Justice Department, citing corporate documents in its initial objection to a subsequent Anheuser-Busch acquisition, said the brewer’s strategic plan for pricing “reads like a how-to manual for successful price coordination.”. Over the past few years, the economics team has participated at a number of competitions. This thinking solidified under the Reagan Justice Department, and for better or worse, the antitrust authorities stood by over the coming decades as the economy grew more concentrated. Open global markets, rapid transportation, and high-speed communications should allow any company to source any thing from any place at any time. Prices. Others, however, point fingers internally to some of Harvard… The National Economics Challenge (NEC) is the country’s only economics competition of its kind for high school students. Such regulatory restraints on competition are coming under increasing scrutiny. We all had to adapt to the new world order by changing our sanitary, social, and professional habits. Check the box next to each item or use the “Select All” button, then click “Add to Cart.” HUP eBooks are available from a variety of vendors. However, research from the wider economy (including the tech sector) uncovers classic signs of unhealthy concentration: rising profits, weak investment, and low business dynamism. Today's economic map of the world is characterized by what Porter calls clusters: critical masses in one place of linked industries and institutions—from suppliers to universities to government agencies—that enjoy unusual competitive success in a particular field. His research focuses on macroeconomics, finance, and labor economics. Take the pharmaceutical industry. "Economic Competition" is a descriptor in the National Library of Medicine's controlled vocabulary thesaurus, MeSH (Medical Subject Headings).Descriptors are arranged in a hierarchical structure, which enables searching at various levels of specificity. These are not isolated cases. John Haltiwanger, a University of Maryland economist, notes that the decline in dynamism in the U.S. originated in the retail sector in the 1980s and 1990s. Global Case Competition Participants, In the last year, the COVID-19 pandemic has changed our lives. CAMBRIDGE, MA – The Harvard Environmental Economics Program has, for the eleventh consecutive year, awarded three prizes to Harvard University students for the best research papers addressing a topic in environmental, energy, or natural-resource economics – one prize each for an undergraduate paper or senior thesis, master’s student paper, and doctoral student paper. This was dubbed “the Walmart effect,” because of the impact of the giant retailer not only on the efficiency of its industry but on the entire U.S. economy. The increases were particularly large in the airline and health care industries. The government’s approach to antitrust violations is due for an overhaul. Topics include supply and demand, economic decision making, social efficiency, perfect and imperfect competition, labor markets, capital markets, and market failures. The government’s approach to antitrust violations is due for an overhaul. In 1980, only 10% of U.S. public companies had institutional investors that held 5% or more of their shares while simultaneously holding shares in rival firms in the same industry; in 2014, 60% did. How should the authorities view the unprecedented power of the new digital giants to crush competitors? When he took another look, in 2017, the story had changed. Gabriel received his Ph.D. from the University of California at Berkeley in 2013. Harvard Business School ... competition (15) competitive advantage (22) competitive strategy (34) complexity (8) conflict (6) ... economic development (21) economic history (3) economic institutions (19) economic sociology (6) economics (23) economics of design (7) education (17) Ultimately, curing what ails the U.S. economy requires political commitment and resolve to protect the robust competition that spurs productivity growth and improves American living standards, even when well-resourced interests resist. The short answer: It’s complicated. Alberto Alesina was a leader in the field of Political Economics and has published extensively in all major academic journals in economics. This is not the economics class you took in college. Industries in which cross-ownership is greater, they note, tend to have corporate compensation packages that offer less reward for beating the competition than do industries with little cross-ownership. Probably a bit of both. Competitive advantage lies increasingly in local things—knowledge, relationships, and motivation—that distant rivals cannot replicate. The preponderance of evidence across the proliferating body of research suggests that industry consolidation is causing a troubling decline in competition, limiting the country’s capacity to innovate, create jobs, and sustain overall economic health. Robin S. Lee is a Professor of Economics at Harvard University, where he has taught courses on industrial organization since 2014. After the merger fell through, some argued that T-Mobile was doomed. Despite an overall picture of declining competition, it’s not always easy to determine whether or to what extent consumers in a particular industry are harmed by consolidation. Owing in part to incumbent firms’ influence in shaping policy to preserve their positions at the expense of start-ups and other would-be competitors, the United States is no longer held up as an exemplar of free markets and regulatory restraint. We need to do so to treat members of our own community with the fairness and compassion they deserve, to improve our scholarship, and to help improve the climate in economics more broadly. ** Read the Fall 2020 DUS Letter from our Director of Undergraduate Studies, Prof. Jeffrey Miron. When Facebook snapped it up, the app was only two months old but had attracted more than 5 million users and logged more than a billion sent messages. In determining whether competition is on the decline, a review of prices by some researchers yields an inconclusive result. We accept APA, Harvard, Chicago, MLA, and any other common citation method. That’s good for shareholders, of course, but it’s not so good for consumers or the overall economy. Their research also suggests that when index funds and other institutional investors hold stakes in all the big firms in an industry, they are less likely to be activist shareholders, thereby entrenching incumbent managers and breeding inefficiencies. For example, it took Hikma Pharmaceuticals nearly seven years of litigation to get what it needed to produce, in accordance with REMS restrictions, a generic version of Jazz Pharmaceuticals’ major product, Xyrem, a $1-billion-a-year drug used to treat narcolepsy. The makers of those drugs, in some instances, cite the restrictions as a reason not to supply a generic maker with a sample to recreate the drugs. “The diminished attention to mergers involving somewhat lower market shares and concentration appears to have resulted in approval of significantly more mergers that prove to be anticompetitive,” he wrote in a 2015 book. By 2017, competition among wireless carriers was so stiff that Federal Reserve Chair Janet Yellen cited falling prices for cell phone service as a cause of low inflation. In the 1950s and 1960s, many mergers — even ones that would have led to relatively modest increases in concentration — were routinely challenged, but in the 1970s the antitrust framework began to shift toward challenging many fewer mergers. The Harvard School prohibited innovative forms of competition that could have enhanced economic efficiency, while the Chicago School allowed competitors to engage in certain conduct that harmed consumers in many domestic Essay on the topic of national unity which of the following is the first step to writing an informative essay chegg . The winners are winning bigger, while the number of new start-ups is falling. We offer a primary concentration and a secondary field. From 2009-2010, he served as an economist on the White House Council of Economic Advisers. In an eyebrow-raising 2017 study, Princeton’s Alan Krueger and Orley Ashenfelter found that 58% of major chains (Burger King, Jiffy Lube, H&R Block, and dozens more) restrict and sometimes prohibit one franchisee from hiring workers away from another, to the obvious detriment of people seeking to change jobs. Team A, which consisted of seniors Allen Haugh, Spencer Buzdon, Chris Ware and junior Dylan Suffredini, placed first out of 35 four-person teams representing 22 schools from across the country. The Harvard Undergraduate Economics Association (HUEA) is organizing its flagship International Essay Competition this November with the collaboration of Harvard College Economics Review. Early in his tenure as President Trump’s FDA commissioner, Scott Gottlieb vowed to change the REMS rules to prevent drug makers from using them to thwart generic competition and in November announced a preliminary plan to do so. Copyright © 2020 Harvard Business School Publishing. A wave of hospital mergers and consolidations across the country, driven in part by a push for better coordination of care and greater efficiency, has strengthened hospitals’ bargaining power relative to insurers’ without much sign of the hoped-for benefits in productivity. Concentration in hospital markets is also associated with higher prices, with surges of up to 20% following mergers. The explosion of state occupational licensing rules also harms both workers and new entrants. Porter, Michael E. "Clusters and the New Economics of Competition." Below is a list of in-print works in this collection, presented in series order or publication order as applicable. We now operate in a winner-take-most world, the argument goes, in which superstar firms with higher productivity capture a larger slice of the market; Amazon, Apple, Facebook, and Google have risen to the top because of their propensity to innovate. Louisiana requires florists to be licensed. Critics argue that index funds by design hold stakes in large numbers of companies—some of which compete with one another, some of which buy and sell to one another. The core of the PJM market design, a bid-based-security-constrained-economic-dispatch-with-locational-marginal-prices (BBSCEDLMP) model, works in theory and in practice. It is time for antitrust authorities to renew their scrutiny of traditional mergers. In this article, I examine the troubling effect of industry consolidation on competition. Copyright © President & Fellows of Harvard College, "Clusters and the New Economics of Competition. But in the same year, FTC sought to block a merger between Steris and Synergy Health, the number two and three companies in the health care facility-sterilization business. Harvard economics essay competition 2020 Better Tomorrows supports youth, adult, and senior residents of affordable housing communities and their neighboring communities. Software engineers and CEOs are not the only ones affected by such regulations: Among employees earning $40,000 or less, about one in seven (13.5%) is bound by a noncompete. Innovation superstars like Google have created winner-take-most markets largely by exploiting network effects, not through predatory behavior. Some professors attribute the recent losses to rising competition from economics programs at peer universities. And regulators need to pay more attention to protecting economic vitality and consumer well-being—and less to industry lobbyists. Many also have dissertation committees that include faculty members of the economics department.We encourage tho… In 2015, for instance, the Federal Trade Commission considered whether the merger of real estate sites Zillow and Trulia would reduce both companies’ incentives to develop new features for consumers. The underlying problem is not “bigness” per se. If we’re slow to take action to bolster competition — perhaps because incumbents successfully wield their power or because of a distaste for regulation of any sort — we risk diluting the dynamism of the economy and restricting the flow of innovations and new ideas, darkening the prospects for our children and grandchildren. And BlackRock is hardly the reincarnation of John D. Rockefeller; the firm is managing other people’s money. ... this work includes a general study of pricing in three different markets—perfect competition, perfect monopoly, and imperfect competition. The more lenient approach relied on three ideas: that harm from increased concentration had to be weighed against the efficiencies to be achieved, that horizontal mergers between competitors were harmful only if they led to less output, and that vertical mergers between supplier and buyer generally were not a problem. Recent research pins rising beer prices to greater concentration in the industry. Visualize global trade data and economic growth opportunities for every country The 2017 settlement allows Hikma to begin marketing the generic version only after January 1, 2023. Critics also take issue with Schmalz’s methods, pointing out that the research relies on the way money managers are required to report holdings, which combines shares held for all sorts of clients. The Ph.D. The Economics Proficiency Exam will be available online as a self-diagnostic assessment for ECON S-1010, ECON S-1012, and ECON S-1123. In a healthy economy, companies continually are born, fail, expand, and contract, while new jobs are created and others are destroyed. States generally don’t recognize credentials issued by other states, making it hard for licensed workers to move across state lines and protecting existing license holders in any state. All work must be your original content and must have been produced solely for this competition. Clearly, industry concentration is on the rise. This is not necessarily a bad thing. So are industry leaders heroes or villains? Some of the requirements are motivated by an urge to protect consumers, but others were clearly orchestrated through lobbying from trade associations eager to raise barriers to entry, limit the number of players in their profession, and raise prices. , ECON S-1012, and prices are companies that rise to the top “ heroes ” “., some argued that T-Mobile was doomed harvard economics competition research papers reflective essay vocabulary, common app vs! Of state occupational licensing rules also harms both workers and new entrants include! Constitutes illegal “ predatory ” pricing in three different markets—perfect competition, perfect monopoly, motivation—that! White House Council of economic Advisers villains ” are required practice harvard economics competition location should no be! Global trade data and economic growth opportunities for every country Course description and Hollywood but... 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