Two Federal Reserve economists have just come out with a paper on the social consequences of widespread monopolization of markets by large corporations. And the short story is, nothing good. The paper suggests that elevated market power causes:

Matt Stoller talks Big Tech, monopolies, and how America has failed.

Last week, the House Antitrust Subcommittee grilled the CEOs of four large technology platforms – Apple, Amazon, Google, and Facebook – for five and a half hours, focusing on the market power these corporations have accumulated over the last fifteen to twenty years. Typically such hearings are superficial and partisan, with the Republicans and Democrats engaging in spats over annoying and largely irrelevant details. But this time, something unusual happened. The hearing was incredibly substantive, and members on both sides of the aisle focused on the market power wielded by these giants.