Thomas Philippon

Thomas Philippon is a French economist and professor of finance at New York University's Stern School of Business. He specializes in corporate finance, macroeconomics, and the study of market concentration and competition policy. Philippon conducts research on how market structure affects economic outcomes, particularly examining the rise of corporate market power in the United States. His work focuses on the decline of competition across American industries and its effects on innovation, productivity, and consumer welfare. He has published extensively in academic journals and serves as a research associate at the National Bureau of Economic Research. Philippon's research draws comparisons between European and American markets, often finding that Europe has maintained more competitive market structures than the United States. His book "The Great Reversal" presents data showing that American markets have become less competitive over the past two decades while European markets have become more competitive. The work examines how this shift affects wages, innovation, and economic growth in both regions.

Readers appreciate Philippon's use of data to support his arguments about declining competition in American markets. Many find his comparative analysis between European and American market structures informative and surprising, particularly his evidence that Europe now has more competitive markets than the United States. Readers praise the book's clear presentation of complex economic concepts and its accessible writing style for non-economists. They value his specific examples of market concentration across industries like airlines, telecommunications, and technology. Several readers note that the book challenges conventional wisdom about American free market capitalism. Some readers criticize the book's policy recommendations as insufficient given the scope of the problems identified. Others find certain sections repetitive or overly technical. A few readers question whether correlation proves causation in some of Philippon's arguments about market concentration and economic outcomes. Several readers express frustration that the book identifies problems without offering detailed solutions, though they acknowledge the complexity of the issues presented.