Date of Award

1-1-2019

Document Type

Thesis

Degree Name

M.A.

Department

Economics

First Advisor

Markus P. Schneider, Ph.D.

Keywords

Chicago, Competition, Concentration, Distribution, Kalecki, Monopoly

Abstract

The purpose of this paper is to identify the role that long-run industry concentration plays in determining the distribution of income, particularly in the past four decades in the United States, as well as examining how industry concentration has developed during that period. The paper is especially focused on the fall in labor’s share of income. First, I examine current literature regarding trends in industry concentration and its relation to the distribution of income. Next, I examine the historical impact of the Chicago School of Economics on this subject, focusing on the school of thought’s propositions regarding industry concentration, their anti-regulation bent more generally, and their impact on industry concentration throughout the past four decades, especially in the United States judiciary. Finally, I propose an alternative, post-Keynesian theoretical framework to the neoclassical, micro-foundations-driven one used by the Chicago School and other mainstream economists: a theory of concentration and distribution in the tradition of Michal Kalecki and Josef Steindl, which I argue is a much more realistic and descriptive way of thinking about the issues of competition and concentration in industry and their relation to the distribution of income

Publication Statement

Copyright is held by the author. User is responsible for all copyright compliance.

Provenance

Received from ProQuest

Rights holder

Henry Aaron Dobbs

File size

90 p.

File format

application/pdf

Language

en

Discipline

Economics, Economic theory

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