[Verse 1] Back in forty-eight the markets used to be Full of competition, companies ran free Many firms competing, prices staying low Workers had the power, wages sure could grow But something changed along the way Fewer players in the game today [Chorus] When markets concentrate, competition fades away Monopsony means workers get less pay Markups going higher, profits take the lead Labor's getting smaller of what companies need Consumer welfare standard, shifted how we see Antitrust ain't what it used to be [Verse 2] Contestability means new firms can enter in But barriers got higher, made it hard to win When buyers hold the power in the job market scene Monopsony's the word for this employment machine One big employer sets the wage Workers stuck upon that stage [Chorus] When markets concentrate, competition fades away Monopsony means workers get less pay Markups going higher, profits take the lead Labor's getting smaller of what companies need Consumer welfare standard, shifted how we see Antitrust ain't what it used to be [Bridge] Labor share declining from its golden peak Markups over cost make competition weak Chicago School thinking changed the legal way Focus just on consumers, not the broader play [Verse 3] Used to break up giants when they got too strong Now we ask if prices hurt consumers wrong Market power growing, wages staying flat Prosperity got narrow, wonder where we're at The doctrine shifted through the years New economic theories steered [Chorus] When markets concentrate, competition fades away Monopsony means workers get less pay Markups going higher, profits take the lead Labor's getting smaller of what companies need Consumer welfare standard, shifted how we see Antitrust ain't what it used to be [Outro] From broad prosperity to concentrated might The story of our markets, wrong or right
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