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Markups and business dynamism across industries

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  • Albrecht, Brian C.
  • Decker, Ryan A.

Abstract

Recent research connects rising measured market power to other macroeconomic trends in the U.S., including decades-long declines in measures of “business dynamism,” such as business entry and job reallocation. Intuitively, factors that raise market power may also reduce entry, and firms with more market power are less responsive to shocks. Such theories predict a negative correlation between markups and business dynamism. We use industry-level data to study long-run trends and annual patterns of markups and dynamism. Using multiple measures of each, we find no systematic industry-level negative correlation between changes in markups and changes in dynamism from the 1980s through the 2010s. In fact, we are more likely to observe the opposite relationship.

Suggested Citation

  • Albrecht, Brian C. & Decker, Ryan A., 2026. "Markups and business dynamism across industries," International Journal of Industrial Organization, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:indorg:v:105:y:2026:i:c:s0167718726000135
    DOI: 10.1016/j.ijindorg.2026.103260
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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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