34 minutes
|
December 3, 2024
#14 Market Power
Competition, Consumer Welfare, and Society with Allan Fels
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About The Speaker
Professor Allan Fels, AO is a Professor of Law, and of Economics at Melbourne and Monash University. Professor Fels was the inaugural Chair of the Australian Competition and Consumer Commission (ACCC) and its predecessors from 1989 to 2003. He is the Chair of Visy Australasia Governance Board. He was foundation Dean of the Australia and New Zealand School of Government from 2003 until 2012. Professor Fels has been involved in numerous public inquiries on such topics as executive pay, taxis, migrant workers’ pay, electricity prices, tolls, insurance prices, government access cards and industrial relations. He chaired the National Mental Health Commission from 2012-2018 and was a Commissioner of the Victorian Royal Commission into Mental Health and Wellbeing.
Episode Description
Have you ever wondered how market competition affects societies? Join us as we explore this provocative idea with Professor Allan Fels, a towering figure in the sphere of competition law and regulation in Australia. As the inaugural chair of the Australian Competition and Consumer Commission, Allan has spent decades challenging powerful institutions to create a fairer market landscape. Together, we unravel his motivations and the broader impacts of competition—beyond mere price reduction, touching on innovation and dismantling political concerns tied to monopolies. Allan also provides a unique perspective on government-imposed restrictions and the unforeseen consequences these can have on market concentration.
We traverse the evolution of corporate concentration in Australia since the 1970s, revealing how macroeconomic factors like monetary and fiscal policy have played pivotal roles in shaping inflation and competition. Alongside Allan, we scrutinise common narratives from corporate leaders attributing rising prices to wage and input costs, and instead highlight the often-overlooked role of reduced competition. The discussion leads us into potential solutions for countering corporate power, particularly the importance of welcoming new market entrants in sectors such as retail groceries, airlines, and banking. Through compelling examples, we illuminate how increased competition can bring about not just lower prices, but a richer tapestry of consumer choices.
Additional inspirations from Allan Fels
- Link to his book TOUGH CUSTOMER, Chasing a better deal for battlers
