The hidden power keeping wages low
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The Bottom Line
New research suggests employer monopsony power is widespread and contributes to wage suppression and inequality.
How This Affects You
Employer monopsony power could be keeping your wages lower than they would be in a fully competitive market.
AI Summary
A wave of new research now suggests that monopsony, the power employers have to suppress wages, is widespread. This concept, which economists largely dismissed for decades, is gaining renewed attention. A new book argues that understanding monopsony is crucial for comprehending today's economic inequality. The research indicates that employer power plays a significant role in keeping wages low.
What's Being Done
A wave of research is exploring employer monopsony, and a new book discusses its role in inequality.
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