On Deaton’s Antitrust Push

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This pro-market interview of Nobel prize winner Angus Deaton has been quite misread on Twitter.

At some point, Deaton suggests to make antitrust great again (he talks of “serious rethinking about antitrust“).

As could be anticipated, his word received substantial Twitter exposure — I actually found out about it there  (@CompetitionProf) – including by backers of a stronger EU antitrust against tech platforms.

So I checked, and read the interview.

Deaton’s point is that rent-seeking plagues the US economy, UNLIKE the European economy… The revolving door btw Gov and the private sector arguably turns slower in Europe.

There’s not a word on bigtech in the ITW.

According to Deaton, the culprit is the US health care sector (which benefits from an “exquisitely designed rent seeking mechanism“) and possibly finance.

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