itif.orgMonopoliesAreNotTakingaFifthofYourWagesJULIECARLSONMAY2022ArecentTreasuryreportonlabormarketcompetitionprovidedamisleadingnarrativeaboutlabormarketconcentrationanditseffectonworkers.Labormarketpowerislargelyduetolabormarketfrictions,notconcentration.Firmsarenotprofitingattheexpenseofworkers.KEYTAKEAWAYS▪Labormarketsarenothighlyconcentrated.Locallabormarketconcentrationhasbeendecliningfordecadeswiththemostconcentratedmarketsseeingthelargestdeclines.▪Labormarketpowerislargelyduetolabormarketfrictionssuchasworkerpreferences,searchcosts,bargaining,andoccupationallicensingratherthanconcentration.▪Asacasestudy,changesinconcentrationinthelabormarketfo...
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