Growing economic inequality and wage stagnation have raised serious social justice concerns, igniting a broad debate on their causes and possible solutions. Antitrust scholars have discussed a number of approaches, including Professors Herbert Hovenkamp and Ioana Marinescu’s recommendation of...

We develop a macroeconomic framework in which firms are large and have market power with respect to both products and labor. Each firm maximizes a share-weighted average of shareholder utilities, which makes the equilibrium independent of price normalization. In a one-sector economy, if returns...

This article examines the effects of market structure on the variety of research projects undertaken and the amount of duplication of research. A characterization of the equilibrium market portfolio of R&D projects and the socially optimal portfolio is provided. It is shown that a merger...