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Thomas Philippon
Dreamscape Media

The Great Reversal: How America Gave Up on Free Markets

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AuthorThomas Philippon
PublisherDreamscape Media
PublishedOct 31 2023
Book FormatAudio
ISBN-139781690514114
Dimensions4.8 X 5.6 X 0.4 inches
Weight 0.1 pounds
BISAC
CategoriesBusiness & Economics > Free Enterprise & Capitalism
LanguageEnglish

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Book Description

Why are cellphone plans so much more expensive in the United States than in Europe? It seems a simple question. But the search for an answer took Thomas Philippon on an unexpected journey through some of the most complex and hotly debated issues in modern economics. Ultimately, he reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition. Sector after economic sector is more concentrated than it was twenty years ago, dominated by fewer and bigger players who lobby politicians aggressively to protect and expand their profit margins. Across the country, this drives up prices while driving down investment, productivity, growth, and wages, resulting in more inequality. Meanwhile, Europe--long dismissed for competitive sclerosis and weak antitrust--is beating America at its own game. Philippon, one of the world's leading financial economists, did not expect these conclusions in the age of Silicon Valley start-ups and millennial millionaires. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow him as he works out the basic facts and consequences of industry concentration in the U.S. and Europe, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means for free trade, technology, and innovation. For the sake of ordinary Americans, he concludes, government needs to return to what it once did best: keeping the playing field level for competition.

Author Bio

Thomas Philippon is the Max L. Heine Professor of Finance at New York University, Stern School of Business. Philippon was named one of the “top 25 economists under 45” by the IMF in 2014. He has won the 2013 Bernácer Prize for Best European Economist under 40, the 2010 Michael Brennan & BlackRock Award, the 2009 Prize for Best Young French Economist, and the 2008 Brattle Prize for the best paper in Corporate Finance.

Philippon has studied various topics in macroeconomics and finance: systemic risk and financial crisis, the dynamics of corporate investment and household debt, financial innovation and financial regulation, Eurozone crisis. His recent book “The Great Reversal” (Harvard Press, 2019) focuses on the increasing market power of large firms.

He currently serves as an academic advisor to the Financial Stability Board and to the Hong Kong Institute for Monetary and Financial Research. He was previously an advisor to the New York Federal Reserve Bank, a board member of the French prudential regulatory authority from 2014 to 2019, and the senior economic advisor to the French finance minister in 2012- 2013.

Philippon graduated from Ecole Polytechnique, received a PhD in Economics from MIT, and joined New York University in 2003.

Research Interests

Macroeconomics
Corporate finance
Business cycles
Earnings management
Unemployment
Courses Taught
Corporate Finance Topics
Risk Management in Financial Institutions

Education

Ph.D., Economics, 2003 -Massachusetts Institute of Technology
M.A., Economics, 1998 - Delta-Ehess, France
M.A., Physics, 1997 - Ecole Polytechnique, France

Source: NYU Stern

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