How Uncompetitive Markets Hurt Workers
Event description
Monopolies hurt consumers by increasing prices and decreasing choice. But since a balanced negotiation relies on workers being able to walk away from a raw deal, market power can hurt wages too. In a one-company town, employees are at the mercy of the employer. Even in a big city, workers may find that there are only a few companies that are a good match for their skills. When workers have fewer options, they are less likely to enjoy the wage gains that come from switching to a better employer.
In this talk, which is the fifth in a series of lectures on competition and economic dynamism, Andrew Leigh will analyse the extent and effects of ‘monopsony power’, drawing on new evidence from Australia and overseas.
Thursday 2 March
12:30 - 2pm
At Maurice Blackburn Lawyers
Level 21, 380 La Trobe Street, Melbourne
Boardroom 1
(Access level 21 via the lifts at the rear of the foyer)
Lunch provided
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Andrew Leigh is the Assistant Minister for Competition, Charities and Treasury, and Federal Member for Fenner in the ACT. Prior to being elected in 2010, Andrew was a professor of economics at the Australian National University. He holds a PhD in Public Policy from Harvard, having graduated from the University of Sydney with first class honours in Arts and Law. Andrew is a past recipient of the Economic Society of Australia's Young Economist Award and a Fellow of the Australian Academy of Social Sciences.
His books include Disconnected (2010), Battlers and Billionaires: The Story of Inequality in Australia (2013), The Economics of Just About Everything (2014), The Luck of Politics (2015), Choosing Openness: Why Global Engagement is Best for Australia (2017), Randomistas: How Radical Researchers Changed Our World (2018), Innovation + Equality: How to Create a Future That Is More Star Trek Than Terminator (with Joshua Gans) (2019), Reconnected: A Community Builder's Handbook (with Nick Terrell) (2020), What's the Worst That Could Happen? Existential Risk and Extreme Politics (2021) and Fair Game: Lessons From Sport for a Fairer Society & a Stronger Economy (2022).
Andrew is the father of three sons - Sebastian, Theodore and Zachary, and lives with his wife Gweneth in Canberra. He has been a member of the Australian Labor Party since 1991.