Swedish Construction Industry Holds Monopoly Power, Inflating Prices for Consumers.
The article looks at how competition affects productivity in the construction industry. By analyzing market demand, the researchers found that the Swedish construction industry has some monopoly power, leading to higher prices for consumers. They also discovered that using new technology can lower production costs, and that capital and labor can be substituted for each other. Overall, the study shows that understanding market power is crucial for accurately assessing productivity in the construction sector.