American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient...

Introduction -- Methodological perspective -- Market power: antitrust policy and economic regulation -- Social regulation: imperfect information and externalities -- Public production -- Policies to correct market failures: synthesis and assessment -- Market failure and social goals policies:...