Profits are the ultimate sign of market power. But for the past 40 years, economists and antitrust practitioners have disparaged the measurement of profit margins as unreliable. That needs to change, and new scholarship showing rising margins across the economy is leading the way.

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Ramsi A. Woodcock, The Elephant in the Market Power Debate, Pro-Market: The Blog of the Stigler Center at the University of Chicago Booth School of Business (Jan. 16, 2019), at https://www.promarket.org/2019/01/16/the-elephant-in-the-market-power-debate/.



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