Discover more from BIG by Matt Stoller
“Economics is losing authority in the political arena”
The architect of deregulation - former Senator Phil Gramm - attacked BIG in the Wall Street Journal. What an honor.
Welcome to BIG, a newsletter on the politics of monopoly power. If you’d like to sign up to receive issues over email, you can do so here.
Last week, one of the key architects behind deregulation, Phil Gramm, attacked me in the Wall Street Journal, in a piece titled “The New Progressives Fight Against Consumer Welfare.” Gramm, who co-authored the article with FTC Commissioner Christine Wilson, argued that our movement is trying to undo forty years of bipartisan status quo, and that we don’t believe that economics is “a value-neutral discipline that guides sound decision-making.” Uh, yeah. To make this point, he cited this article in BIG, “What is the point of economics?” Thanks for the shout-out, Phil!
The anger from the old guard is just astonishing. Here’s Wilson, today, discussing our movement.
Meanwhile, Baron, a small but savvy lobbying shop came out with a methodology for how antitrust works today, and who matters in policy debates. Four of the top ten “Antitrust Super Influencers” are explicitly seeking to break up big firms, which is astonishing. More importantly, the power of economists is waning. The BIG piece on corporate profits and inflation was also cited in a House hearing on how to address the price hikes coursing throughout the economy.
We haven’t won, but the old ‘big is good’ consensus is dead.