[Verse 1] Back in forty-eight prosperity was on the rise Workers saw their paychecks grow before their very eyes But something changed along the way from then until today The question that economists debate won't go away [Chorus] Market power, market power Could it be the reason why Wages stagnate hour by hour While the profits reach the sky Monopsony, monopsony When employers hold the key To the jobs that workers need Is this why we can't break free [Verse 2] When companies get bigger and there's fewer firms around Workers have less places where good jobs can be found If Google's the main tech game or Walmart runs the town Then workers take what's offered, can't shop their skills around [Chorus] Market power, market power Could it be the reason why Wages stagnate hour by hour While the profits reach the sky Monopsony, monopsony When employers hold the key To the jobs that workers need Is this why we can't break free [Bridge] Evidence is building up from studies coast to coast Hospital mergers cut nurse pay in markets they control the most Non-compete agreements keep the workers tied down tight When companies don't compete for staff, the wages aren't right [Verse 3] Some say it's just technology or trade that holds us back But research shows when markets merge, the worker pay goes slack From nineteen seventy-five til now the pattern's pretty clear As concentration grows up high, wage growth tends to disappear [Chorus] Market power, market power Could it be the reason why Wages stagnate hour by hour While the profits reach the sky Monopsony, monopsony When employers hold the key To the jobs that workers need Is this why we can't break free [Outro] The golden age of prosperity might return someday If we can solve this puzzle of the modern worker's pay Market power questions guide the policy we make The future of our wages might be hanging in the balance
← When Supply Goes Down | Evidence Speaks When We're Analyzing →