Brian Albrecht on the Waterbed Critique of Market Power

Brian Albrecht June 7, 2026

The Bob Murphy Show View Original Source

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ICLE Chief Economist Brian Albrecht joined The Bob Murphy Show recently to discuss the waterbed critique of market power and a surprising flaw at the heart of the argument. He explains that the standard models used in this literature do not even permit the possibility that mergers could harm consumers, calling into question how much those models can tell us about market power and consumer welfare. Video of the full episode is embedded below.