The Competition Authority recently hosted a breakfast meeting.
under the heading „The impact of competition on economic growth and wages“. The meeting
took place at the Grand Hotel in Reykjavík, with Fiona Scott Morton as the keynote speaker.,
Professor of Economics at Yale University in the United States.
Fiona has extensive experience in this field, but she is
with a doctorate from the Massachusetts Institute of Technology (MIT) and has focused on
competitive economics in her research. Then Fiona worked for a time as
Chief Economist of the Antitrust Division of the United States Department of Justice (Department
of Justice) which, among other things, is responsible for the enforcement of domestic competition law.
In her presentation, Fiona discussed, among other things, research on
the positive effects of competition and competition enforcement on the labour market, including on wages
and staff elections. In her presentation, she stated that research findings suggested that companies with market power
use it in negotiations with staff. The government would then have various ways to
to respond to anti-competitive behaviour by companies towards staff
and that effective enforcement of competition law would be necessary in this respect.
Gylfi Magnússon, Professor of Economics at the University of Iceland,
He took to the stage after Fiona, highlighted her message and connected it to
Icelandic reality and, in particular, its significance for small, open economies on
a table like the Icelandic one.
In his speech, Gylfi described the situation in Icelandic business life and
compare companies that compete on the international stage and companies
which enjoy a dominant position in the domestic market. Gylfi then traced the challenges that
monopolistic markets such as the Icelandic one and the importance of robust competition supervision
which would be based on robust legislation.
At the end of the meeting, Lilja Dögg Alfreðsdóttir, Minister of Culture and
Minister for Trade, an address, but at the bottom of the article you can access a recording of the meeting in
whole.
After the conference, the Competition Authority held a workshop.
on management and ownership ties in the Icelandic fishing industry. The workshop was attended by
Officials and representatives of various institutions and ministries concerned with these matters
to do, and useful and interesting discussions arose.
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