Tim Wu, Paul Bunyan, John Morgan discussed on Make Me Smart with Kai and Molly
When you is. I'm ready. Overload everyone. I'm Molly would result. Welcome to make me. Smart wear. Come on. You know, when we say say tech con me, none of us. Oh, man. What do you want me to do here? I'm not sure I'm panicking. None of us is smart as all of this like Molly stepped on me bad. That's eight did. I'm so sorry. I totally Paul Bunyan. Do. Today's episode of make me, you know, what it's because we did it differently at the top. And I'm just telling the producers tell me to do. I am ginseng barris bone SABA. Let me just say, I don't know where I don't know where the French came from a to someone's been reading about macaroni this week, or that's too funny. Yeah. Maybe that's why today's episode at him is all about the problem with big nece bigness. It's a thing. It's in the title of a book. So now, we know sort true. It's a familiar topic to you all companies getting too big what that does to the economy, and to society, obviously, we have explored this a lot on make me smart. We talked to Neil Irwin from the New York Times. And the we talked about the Amazon effect, but our guest today. Tim Wu has a new book out looking at giant companies overall, including tech companies specifically and how they compare to the gilded age that time one hundred or so years ago when monopolies dominated our economy a to almost a religious. Sent it was like a an agreed upon philosophy of how to do business. Like, I didn't know actually until I was reading Tim Wu's book a lot about the gilded age this sort of period between eighteen seventy in one thousand nine hundred and about the it like we've all heard the names, Cornelius Vanderbilt, Andrew Carnegie, and John Morgan who built in Rockefeller and standard oil, and those that's the time in those are the companies that the book is about and how they got so big in how Louis Brandeis became kind of the first and only voice against monopolies and essentially prodded Roosevelt right to to break some of them up. I think standard oil was the first one after some intrepid reporting by a female journalist who pointed out all of the sort of very underhanded ways that it had achieved its monopoly. Tim Wu says we are headed back in that direction, which I should point out ended in the great depression. His new book is called the curse of bigness antitrust in the new. Gilded age. So the context goes like this. Yes, Tim is right in a lot of ways the company is getting bigger and more powerful. However, come you, look the most recent jobs report quarter million new jobs wages are up on Employment's down or steady at like three point seven percent, which is crazy low. So that's kind of where we started with Tim Wu, which is to say was a big deal. Well, I think we have to look at the bigger picture as opposed to last jobs report, if you look at any study of the last forty years, you see that that normal people employee's have gotten a flat to diminishing share of the returns of this economy, and you know, one or two good quarters shouldn't be the the candy. That makes us think this problem is has gone away. You know, the fact that wages have risen slightly over the last year doesn't make up for decades of stagnation, and that's technician is directly linked to the ability of corporations as a bargaining unit..