Ben Waber reviewed The Great Reversal by Thomas Philippon
A Great Book on the Importance of Competition
4 stars
Philippon makes a compelling case that America's hands off approach in competition policy is behind many of today's economic woes, and contrasts that with the experience of the EU. This book is unashamedly academic in orientation, frequently diving into core economic concepts around firm competition, but this discipline wanes when going outside the economic sphere. Philippon frequently asserts that certain institutions are inefficient without showing his work (e.g. healthcare, housing), and this book essentially ignores the world outside of the West. It also weirdly seems to define "free markets" as "contestable markets," which I've literally never seen before and think is unhelpful. Philippon also wildly vacillates between blanket criticism of government intervention and praising it in specific circumstances without acknowledging the hypocrisy. However, as a rigorous look at the need for more proactive antitrust policy, this is an extremely useful book. Highly recommend
Philippon makes a compelling case that America's hands off approach in competition policy is behind many of today's economic woes, and contrasts that with the experience of the EU. This book is unashamedly academic in orientation, frequently diving into core economic concepts around firm competition, but this discipline wanes when going outside the economic sphere. Philippon frequently asserts that certain institutions are inefficient without showing his work (e.g. healthcare, housing), and this book essentially ignores the world outside of the West. It also weirdly seems to define "free markets" as "contestable markets," which I've literally never seen before and think is unhelpful. Philippon also wildly vacillates between blanket criticism of government intervention and praising it in specific circumstances without acknowledging the hypocrisy. However, as a rigorous look at the need for more proactive antitrust policy, this is an extremely useful book. Highly recommend