How Widespread Is Price-Fixing in the US Economy?
How Widespread Is Price-Fixing in the US Economy?
DOJ finally goes after Agri Stats, a company notorious for helping the meat industry gouge producers, stores and consumers.
Recently saw a video where the boss of a contracting company, apparently a good guy, looking out for his employees and honestly trying to help everyone prosper from their shared work, explained that he hired new people at the 10th percentile wage from BLS statistics for their job description, raised them to median after six months, and eventually worked them up to 90th percentile over a few years.
On the one hand, making sure his people are paid a fair wage for their work. On the other, participating in an information sharing scheme to fix wages. BLS data is generally a year out of date, so he's actually paying people last year's wage, but the sense of implicit collusion only increases as the data becomes closer to real time.
Glad the Biden administration is closing the loophole, but I'm skeptical that it will really work in today's information-rich environment.
3