TOTM
Drifting toward nonsense on EU vs. US competitiveness: The profits puzzle
Truth on the Market
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A recent NBER working paper by Gutiérrez & Philippon has attracted attention from observers who see oligopoly everywhere and activists who want governments to more actively “manage” competition. The analysis in the paper is fundamentally flawed and should not be relied upon by policymakers, regulators, or anyone else.