Mordecai Kurz for PS On Point: Market Power Is Permanent, and Technological Competition Does Not Remove It

Mordecai Kurz shows that technological change leads not to disruption, but to deeper, more enduring forms of market power. [View this message in a web browser]( [PS On Point]( DECEMBER 1, 2023 Rather than reducing concentrated market power through “disruption” or “creative destruction,” technological innovation historically has only added to the problem, by awarding monopolies to just one or a few dominant firms. Moreover, writes Stanford's Mordecai Kurz, market forces offer no remedy to the problem; only public policy can provide that. [Read more]( [PS Longer Reads: Market Power Is Permanent, and Technological Competition Does Not Remove It]( [Market Power Is Permanent, and Technological Competition Does Not Remove It]( By Mordecai Kurz Contrary to the longstanding conventional wisdom, the monopoly power conferred by new technologies is neither short-lived nor is it a small price to pay for the associated benefits. Rising market power leads to all kinds of economic, social, and political problems – many of which have become all too visible in American today. [Read more]( [PS. Subscribe now to reserve your copy of PS Quarterly: The Year Ahead 2024.]( [PS Say More: Antara Haldar on behavioral economics, development models, global governance, and more]( [Antara Haldar on behavioral economics, development models, global governance, and more]( Antara Haldar advocates a radical rethink of development, explains what went right at the recent AI Safety Summit, highlights the economics discipline’s shortcomings, and more. Haldar is Associate Professor of Empirical Legal Studies at the University of Cambridge. [Read more]( [PS Longer Reads: Our Megathreatened Age]( [Our Megathreatened Age]( By Nouriel Roubini It is now common knowledge that economic, monetary, and financial threats are rising and interacting in dangerous ways with various other social, political, geopolitical, environmental, health, and technological developments. And there is little reason to believe that today's leaders can manage these multiplying risks. [Read more]( [PS. Subscribe to PS Digital now and save 30% on your first year with us.]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.