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Free exchange: Too many quiet lives

机译：免费交换：太多安静的生活

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"THE best of all monopoly profits is a quiet life," wrote Sir John Hicks, a British economist. Without competitors breathing down their necks, monopolists find it easy to make large profits: just ask the 46m American households served by only one fast-broadband provider, who pay high prices for poor service. As a result, trustbusting is one of those rare causes that can unite raging populists with sober academics. So the wonks may well have agreed with the sentiment, if not the fine detail, when Senate Democrats unveiled a fresh pledge on July 24th to make America competitive again as part of their economic agenda. "This economy is rigged," insisted Senator Elizabeth Warren of Massachusetts. It is not quite that bad. But more than three-quarters of industries are more concentrated than they were two decades ago, and the economy is also seeing less turnover of firms (see charts).It is easy enough for consumers to see the consequences when monopolists entrench themselves in one industry. A recent study found that American consumers would gain $65bn a year if they paid the same as Germans do for mobile-phone contracts. But when competition ebbs across the economy as a whole, what broader costs does that impose? New research by German Gutierrez and Thomas Philippon of New York University (NYU) gives an answer. Growing market power, they argue, has contributed to a dearth of business investment that started in the 2000s and worsened after the financial crisis of 2007-08.
机译：“所有垄断利润的最好的垄断利润是一个安静的生活，”英国经济学家John Hicks爵士写道。如果没有竞争对手呼吸颈部，垄断者发现很容易赚取大量利润：只需一家快速宽带提供商服务的46米，才能支付46米的美国家庭，他支付了良好的服务。因此，奖励是罕见的原因之一，可以联合与清醒的学者肆虐的民粹主义者。因此，当参议院民主党人于7月24日公布了新的誓言时，如果不是细节，那么Wonks可能会同意这种情绪，如果参议院民主党人在7月24日揭开了新的承诺，以使美国竞争再次成为经济议程的一部分。 “这种经济雄厚，”马萨诸塞州的参议员伊丽莎白沃伦进行了装配。这不是那么糟糕。但三分之三的行业比二十年前更集中，经济也看到了公司的营业额减少了（见图图表）。消费者可以很容易地看到垄断者在一个行业中巩固自己的后果。最近的一项研究发现，如果他们与德国人为移动电话合同支付相同，美国消费者将获得650亿美元。但是，当竞争整个经济中的竞争时，这一施加了更广泛的成本？德国Gutierrez和纽约大学托马斯菲律宾（NYU）的新研究答案。他们争辩，市场力量不断增长，为2000年代始于2000年代开始的商业投资，并在2007 - 08年的金融危机后恶化。

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    《The economist》 |2017年第9051期|59-59|共1页
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