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com pricing shown. This is a series of cbess I in the world. I'm John Batcheworth Professor Richard Epstein.

We're looking at the Sherman Antitrust Act of 1890, 19th century law, that in its many iterations is here today

in the concern of the Biden administration, not only about the power of firms to set prices, not only about the firms that consume or eat up or

merge with smaller firms in order to deny competition at the marketplace, but also about the power of firms to suppress wages.

And that is a major concern for everyone now with these talk of the middle class falling behind with wage growth

not keeping up with inflation and the demands of the marketplace.

However, I learned from Richard, I did not know this that progressive economists believe that the monopsony power

suppresses wages 10 percent. Have I said that correctly Richard?

Yes, it is an astonishing number because it's extremely hard. Even organized unions can't raise

wages by that amount, and so it's kind of hardly odd. The other point to make about this is all these studies are sort of about data that was collected three or four years ago of necessity.

If you look at the current headlines, wages are going way up, they have the following odd situation.

Firms desperate to hire people and huge numbers of people sitting on the sideline so

that there's a record number of vacant positions usually with fairly high school levels associated with them.

And that doesn't look like a kind of a market that we have with an oligopoly.

An obstinate provider is essentially are turning away workers, right?

...