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Michael McFaul

Michael McFaul

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Michael McFaul, US Ambassador to the Russian Federation from 2012 to 2014, is Professor of Political Science, Hoover Institution Fellow, and Director of the Freeman Spogli Institute at Stanford University.

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  1. op_eeckhout1_Alex WongGetty Images_bezoslaughing Alex Wong/Getty Images

    Market Power Is Eating the Economy

    Jan Eeckhout

    Today's record-breaking stock-market valuations are largely a reflection of genuine profit-making by a handful of firms that have benefited from new technologies. But those who are currently high on their stock portfolios should know that what's good for business is not always good for the market economy.

    shows how network effects and economies of scale are benefiting dominant firms at the expense of everyone else.
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