Rising corporate market power, technological change and competition policy
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Pier Luigi PARCU, Maria Alessandra ROSSI and Marco BOTTA (eds), Research handbook on competition and technology, Cheltenham ; Northampton : Edward Elgar Publishing, 2025, Research handbooks in competition law, pp. 67-86
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DI BUCCHIANICO, Stefano, ROSSI, Maria Alessandra, Rising corporate market power, technological change and competition policy, in Pier Luigi PARCU, Maria Alessandra ROSSI and Marco BOTTA (eds), Research handbook on competition and technology, Cheltenham ; Northampton : Edward Elgar Publishing, 2025, Research handbooks in competition law, pp. 67-86 - https://hdl.handle.net/1814/92744
Abstract
Recent debates on the reform of competition policy have been heavily influenced by a novel stream of macroeconomic literature highlighting a long-term trend of rising corporate market power. In this chapter, we provide an overview of this stream of research and evaluate to what extent it supports different claims often made on its basis. An accurate identification of the underlying methodological issues indicates that this scholarship is, in its current state, intrinsically unable to provide precise indications as to how competition policy should evolve. However, it allows us to pin down significant aggregate mutations in the economy, and how they shape the context whereby competition policy enforcement takes place. Most importantly, it highlights that the impact of market power (and therefore of competition policy) on the economy may be larger and more significant than it is usually assumed, thus calling for a lower weighting of the risk of Type I errors.
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Published: 20 May 2025