Word: macavoy
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Dates: during 1970-1979
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George Bush: He borrows a little from each of his competitors. Much of his thinking was pulled together during briefings by Economists Arthur Burns, Paul McCracken, Herbert Stein and Paul MacAvoy at Bush's summer home in Kennebunkport, Me. He urges an energy effort as metaphorically grand as "the landing on the beaches of Normandy...
...competition flourishes in their industries. U.C.L.A. Economist Harold Demsetz said that despite the rise of conglomerates, there has not been much change in market concentration in 70 years, "and those increases in concentration that have occurred have been associated with lower prices and increases in efficiency." Yale Economist Paul MacAvoy reported that his own research shows that conglomerate mergers do not produce more concentration in specific markets but do tend to produce gains in efficiency...
Disagreeing with Demsetz and MacAvoy, Economist Willard Mueller of the University of Wisconsin claimed that corporations have indeed increased their size and power because "the percentage of all U.S. manufacturing assets held by the nation's 200 largest industrial corporations has risen from about 48% in 1950 to over 60% today." In fact, big companies have not increased their shares of individual markets but, as conglomerates, have grown larger and larger in the economy as a whole. In the past two decades, multinational companies have also grown, and the growth of their overseas activities has helped to make...
Many speakers also criticized the Kennedy-Metzenbaum bill for shifting the burden of proof. The U.S. Government would not have to prove that a proposed merger might hurt competition, but the company wanting to expand would have to prove that competition would actually increase. Economist MacAvoy suggested that this approach was little more than a power play to make it easier for the Government to prove its antitrust cases. But, he contended, "the burden of proof should rest with the Michael Pertschuks of this world." The FTC is already empowered to act as both the prosecutor and judge in antitrust...
...clean the air and protect workers rather than on modern machinery that will produce goods more cheaply and efficiently. While that may appear to be an acceptable tradeoff, it leads to fewer jobs for the unemployed and fewer technical discoveries that will benefit the nation. Yale Economist Paul MacAvoy estimates that the shift of investment from productive projects to programs mandated by regulation has cut the growth of the U.S. gross national product by one-quarter to one-half of a point every year since the early 1970s...