Ep. 510 Brian Albrecht Shows a Flaw in the "Waterbed" Critique of Market Power

Economist Brian Albrecht explains his discovery of a surprising--but critical--missing link in a popular argument against market power. Specifically, Brian shows that the standard work in this literature doesn't even allow consumer harm as a possibility of firms merging.Mentioned in the Episode and Other Links of Interest:The YouTube version of this episode.Albrecht's paper on the weakness in the waterbed argument. His substack (with Josh Hendrickson).Bob's past discussion with Brian. Bob's interview of Eric Weinstein.This episode’s sponsor, the free Plan-B guide from ExPatMoney.Help support the Bob Murphy Show.