Market expansion boosts growth, but deregulation limits common market size.
In a nutshell, this study looks at how businesses and workers in a shared market lobby for their interests. Companies try to boost their productivity through research, while wages are set through negotiations between unions and employers. The research shows that small markets have reasons to grow, but big ones don't care much about new members. When the market becomes less regulated, there's a limit to how big it can get, and its growth slows down as it integrates more.