SUMMARY
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The Royal Academy of Sciences announced that French economist Jean Tirole won the Nobel Economics Prize on Monday, October 13, for his analysis of big companies, market power and regulation. One of his chief contributions, according to the jury, is the insight that market dominance works differently in different industries. His findings come at at time when Amazon and Google exercise tremendous market power. The jury pointed out “governments can better encourage powerful firms to become more productive and, at the same time, prevent them from harming competitors and customers.”
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