Prof Jan Eeckhout will talk about his new book The Profit Paradox – How Thriving Firms threaten the Future of Work. In an era of technological progress, working people should never have had it so good. But wages are stagnant and prices are rising. This is due to a small number of companies exploiting an unbridled rise in market power.
The Profit Paradox describes how a handful of companies have reaped most of the rewards of technological advancements—acquiring rivals, securing huge profits, and creating brutally unequal outcomes for workers. The consequences are immense, from unnecessarily high prices, to fewer startups that can compete, to rising inequality and stagnating wages. Jan Eeckhout also offers concrete solutions about how to fix the problem and restore a healthy economy.