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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. 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. We accept APA, Harvard, Chicago, MLA, and any other common citation method. In some industries, concentration clearly is driven less by innovative superstars than by anticompetitive behavior. 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. Issues such as the environment, taxation, and income distribution are … “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. ", The Agenda for the Next Generation of Health Care Information Technology, A Recovery Squandered: The State of U.S. Competitiveness 2019, NEJM Catalyst Innovations in Care Delivery. As an all-star quintet of economists—David Autor, David Dorn, Lawrence Katz, Christina Patterson, and John Van Reenen—points out, concentration and higher profits can be benign, perhaps even welcome, consequences of technological innovation. 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. Harvard economics essay competition 2020 Better Tomorrows supports youth, adult, and senior residents of affordable housing communities and their neighboring communities. His research lies primarily within this field, and studies how firms bargain, contract and form supply relationships in imperfectly competitive markets. Economics & Business Search Results: 894 found (sorted by date) Click on a column heading to sort search results by title, author, etc. 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. 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. Research Data Management @Harvard Housed directly in the communities we serve, our data-driven case management and programming are tailored to meet the specific needs of each individual. With waning competitive pressure, productivity growth slows, wages stagnate, and the gap between winners and losers widens. Harvard Business Publishing is an affiliate of Harvard Business School. 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. Open global markets, rapid transportation, and high-speed communications should allow any company to source any thing from any place at any time. The explosion of state occupational licensing rules also harms both workers and new entrants. And with bipartisan enthusiasm and the blessing of the Food and Drug Administration, Congress in 2017 instructed the FDA to make it easier for consumers to buy hearing aids at Costco and other retailers, just as they can buy reading glasses at nonspecialty stores such as CVS. There’s no question that most American industries have become more concentrated. Probably a bit of both. Recent research suggests that the average markup — the difference between the prices firms charge and products’ marginal cost — is rising in American business, and rising fastest for the most profitable firms. We jointly organize the Essay competition with HUEA, and we also publish the … When he took another look, in 2017, the story had changed. How should the authorities view the unprecedented power of the new digital giants to crush competitors? But does that mean there is less competition or that consumers are worse off? Competitive advantage lies increasingly in local things—knowledge, relationships, and motivation—that distant rivals cannot replicate. 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. And regulators need to pay more attention to protecting economic vitality and consumer well-being — and less to industry lobbyists. 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. At the macro level, it is important to know who pays for health care and how best to allocate limited resources to various services, diseases, and health system components in order to maximize the beneficial effect of interventions and improve population health. Big firms account for higher shares of industry revenue and are reaping historically large profits relative to their investment. The exam will not take place in-person on the Harvard campus this summer. By 2012, Amazon had begun raising prices and had slashed the benefits of Amazon Mom. It’s a similar story in the beer business. It is time for antitrust authorities to renew their scrutiny of traditional mergers. Porter, Michael E. "Clusters and the New Economics of Competition." “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. Consider beer. Although competition is stiff on the most heavily traveled air routes, 97% of routes between pairs of cities have so few competitors that standard antitrust metrics would deem them “highly concentrated.” In 1990, 65% of hospitals in metropolitan areas were “highly concentrated.” By 2016, 90% were. 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. 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. Health economics is a crucial dimension of global health delivery. Much of the increase is a result of states extending the occupations for which licenses are required. It tests micro and macroeconomic principles as well as knowledge of the world economy. This is a start, but regulators and policymakers have more work to do. Rather, it’s the combined effect of size, concentration, and, importantly, incumbent-friendly regulation on the healthy competition that propels economic growth. So are industry leaders heroes or villains? “Concentration could arise from anticompetitive forces,” Autor and his colleagues note, “whereby dominant firms are increasingly able to prevent actual and potential rivals from entering and expanding.” Indeed, research shows that incumbent firms in a wide range of industries — airlines, beer, pharmaceuticals, hospitals — are wielding market power in ways that prevent rivals from emerging and thriving. Economic theory suggests that oligopolies — industries in which a few firms dominate without much competition — lead to increases in price and reductions in output. And regulators need to pay more attention to protecting economic vitality and consumer well-being—and less to industry lobbyists. The government’s approach to antitrust violations is due for an overhaul. Michigan requires 1,460 days of training for athletic trainers, but only 26 days for emergency medical technicians. Essay on the topic of national unity which of the following is the first step to writing an informative essay chegg . The Farmington Economics A Team won the 12th Annual Harvard Pre-Collegiate Economic Challenge on Saturday, April 1. Unable to overcome the opposition of the Obama administration, however, AT&T abandoned the deal five months after announcing it. RedBall Project by Kurt Pershke; Photography by Brit Worgan. Alberto Alesina was a leader in the field of Political Economics and has published extensively in all major academic journals in economics. 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. Economists Nathan Miller of Georgetown and Matthew Weinberg of Drexel estimated that prices were at least 6% and 8% higher than they would have been without the joint venture and suggested that the competing brewers coordinated pricing. Copyright © President & Fellows of Harvard College, "Clusters and the New Economics of Competition. 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. Topics include supply and demand, economic decision making, social efficiency, perfect and imperfect competition, labor markets, capital markets, and market failures. Once those protections expire, however, prices theoretically should fall as makers of generics enter the market. ... this work includes a general study of pricing in three different markets—perfect competition, perfect monopoly, and imperfect competition. 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. 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. These include Business Economics, Political Economy and Government, Public Policy, and Health Policy. Regulations in the labor market, along with certain employer practices, can also conspire to constrain competition, by limiting workers’ ability to seek new or higher-paying jobs. It wasn’t. Louisiana requires florists to be licensed. The Harvard Economics department needs to do better, and be more proactive in combating racism, than we have been. Health care is another stark example. This article explains how clusters foster high levels of productivity and innovation and lays out the implications for competitive strategy and economic policy. 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. To learn more about Ec, please peruse all the info on this website: See our Fall 2020 Key Dates. Institutional investors and index funds have experienced spectacular growth over the past several decades. 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. 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. Robin S. Lee is a Professor of Economics at Harvard University, where he has taught courses on industrial organization since 2014. regulators and policymakers have more work to do. Economics for Managers applies fundamental economic principles to real-world business challenges. 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. 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. 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 Lawyer-judges Robert Bork and Richard Posner and Nobel laureate economists George Stigler and Oliver Williamson laid the intellectual foundation for this shift, which spread to the policy arena and the courts in the early 1980s. Ordering multiple books? Even-more-complicated issues will arise as the economy evolves. Requirements for Honors Eligibility: 15 courses (60 credits) Policymakers also need to scrutinize regulations that restrict competition across the economy. 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. 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. 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. The troubling effect of industry consolidation and other forces on productivity, wages, and income inequality. The economy is more concentrated. Course description. The Harvard Undergraduate Economics Association (HUEA) is organizing its flagship International Essay Competition this November with the collaboration of Harvard College Economics Review. British library research papers reflective essay vocabulary, common app statement vs essay root cause analysis essay example competition economics essay Harvard. Copyright © 2020 Harvard Business School Publishing. Clearly, industry concentration is on the rise. And that does happen — sometimes. And BlackRock is hardly the reincarnation of John D. Rockefeller; the firm is managing other people’s money. Ph.D. in Economics. 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. 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. How does this rise in cross-ownership by institutional investors affect competition? After the merger fell through, some argued that T-Mobile was doomed. The promise of a generous payout is a huge incentive to innovative entrepreneurs. Such regulatory restraints on competition are coming under increasing scrutiny. 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.”. Are companies that rise to the top “heroes” or “villains”? In this article, I examine the troubling effect of industry consolidation on competition. Harvard Business Review 76, no. Harvard has several PhD programs that may also be of interest to students considering applying to the PhD program in economics. Global Case Competition Participants, In the last year, the COVID-19 pandemic has changed our lives. This motivating and fun team learning experience begins with competitions at the state level. TBH is only one of more than 60 such acquisitions by Facebook since 2010. With scholarly caution, he noted “a moderate but continued increase in aggregate concentration.” The Economist, using U.S. Economic Census data, found a similar trend. Seen through the hero lens, the prospect of selling out to Facebook (or Google or Apple) offers many economic advantages. As the famed economist Adam Smith warned, corporations continue to behave in ways that seek “always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labor.” One way companies do this is by requiring workers to sign noncompete agreements. Should they be more skeptical about mergers that might lessen “potential competition,” which occurs when one firm buys another in an adjacent market (think Google’s acquisition of YouTube or Microsoft’s acquisition of LinkedIn)? Seen through the villain lens, however, Facebook’s relentless swallowing up of promising young firms effectively squashes the potential of upstarts to become competitors. 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. The U.S. approach to antitrust has evolved significantly over the past century. Some professors attribute the recent losses to rising competition from economics programs at peer universities. A 2010 analysis found that the typical private-insurer payment for inpatient hospital stays in San Francisco (a highly concentrated market) was about 75% higher than in the more fragmented Los Angeles market. Business investment across the economy has perked up lately, but it is not as robust as one might expect given the surge in profits, the extraordinarily low-cost of equity and debt, and the amount of cash on corporate balance sheets. To the extent that firms are being driven to innovate, there is little to worry about. Welcome to Undergraduate Economics at Harvard! The Economics Proficiency Exam will be available online as a self-diagnostic assessment for ECON S-1010, ECON S-1012, and ECON S-1123. Using data for all publicly traded U.S. firms from 1950 to 2014, Jan De Loecker of Princeton and Jan Eeckhout of University College London found that markups rose from about 18% in 1980 to 67% in 2014. There’s no question that most industries are becoming more concentrated. How about when a big firm swallows a tiny firm that might have grown into a mighty oak? 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. The most famous examples are found in Silicon Valley and Hollywood, but clusters dot the world's landscape. The number of jobs created by businesses less than a year old dropped from a peak of 4.7 million in the late 1990s to 3 million in 2015. 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. I received my Ph.D. in Economics from the University of Chicago. Economists are trying to understand whether this is necessarily a bad thing for competition. Indeed, the power of new tech giants to use their potent networks and the vast amounts of data they collect to thwart competition is one of the biggest challenges facing antitrust authorities today. All rights reserved. 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. 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. These are live issues. His two most recent books are The Future of Europe: Reform or Decline, published by MIT Press, and Fighting Poverty in the US and Europe: A World of Difference, published by Oxford University Press. Below is a list of in-print works in this collection, presented in series order or publication order as applicable. “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. That’s more worrisome, Haltiwanger says, because it portends slower productivity growth. From corporate finance, industrial organization, and international business, to markets, competition, and government regulation, HBS doctoral students in Business Economics delve into some of the most pressing and relevant topics in the field of economics through the practical lens of business. But even as the number of retailers starting up and dying off plunged, the industry became more productive. 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. Sharat Ganapati of Dartmouth, for instance, looks at data from 1972 to 2012 and concludes that increased concentration in manufacturing is correlated with higher prices, which is consistent with declining competition, but also with stable output, which is not. However, research from the wider economy (including the tech sector) uncovers classic signs of unhealthy concentration: rising profits, weak investment, and low business dynamism. Despite their undeniable popularity, Apple, Monopolies and Tech Giants: The Insights You Need from HBR. 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. When SABMiller and MolsonCoors (the number two and three brewers at the time) combined U.S. operations, in 2008, prices abruptly rose — and not only for their beers but also for those of competitor Anheuser-Busch. Enquiries on the LSE SU Economics Essay Competition should be sent to economics@lsesu.org. 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. , `` Clusters and the new economics of competition. industry ’ s a story... Harmful effects of industry revenue and are reaping historically large profits relative to investment. Athletic trainers, but only 26 days for emergency medical technicians lack of competition. all ),! Of new start-ups is falling had begun raising prices and had slashed the benefits of Amazon.! And labor economics been produced solely for this competition. was doomed problems.. Topics like customer demand, supplier cost, markets, rapid transportation, and dynamic world! Should Fall as makers of generics enter the market system, emphasizing economic interactions among individuals, business firms and. 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Prices theoretically should Fall as makers of generics enter the market system, emphasizing economic interactions among,...

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