From Labor Market Theory to Antitrust Policy: A Conversation with Ioana Marinescu

About this episode

The episode features a discussion on labor monopsony and its implications for antitrust policy with economist Ioana Marinescu.

On this episode of Ruled by Reason, AAI Senior Counsel David O. Fisher talks with leading economist Ioana Marinescu about the theoretical frameworks underpinning labor monopsony and how they apply in various antitrust law and policy contexts. The conversation centers on Marinescu's recent paper with coauthor José Azar, Monopsony Power in the Labor Market: From Theory to Policy , which lays out the theoretical frameworks underlying monopsony power in labor markets and develops a theory-informed discussion of antitrust law and policy. The conversation begins with an examination of Marinescu's background and her research on labor markets and monopsony power (3:15). She then explains the three main theoretical frameworks underpinning labor monopsony as reflected in the literature: oligopsony, differentiated jobs, and search-and-matching frictions (10:04). The conversation then moves to a discussion of how economists determine which models to apply in which context (18:47). In the enforcement context, Marinescu examines the usefulness of each framework in the context of enforcing against no-poach and wage fixing agreements (21:24), and underscores the significance of a 2023 study by…

People in this episode

Host: David O. Fisher

Guest: Ioana Marinescu

Topics covered

• labor monopsony
• antitrust policy
• economic theory
• employment
• merger enforcement

Keywords

• labor market
• monopsony power
• antitrust law
• economic frameworks
• wage fixing
• no-poach agreements
• merger enforcement

Mentioned in this episode

Organizations: American Antitrust Institute

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