Publications

The Myth of Capitalism: Monopolies and the Death of Competition

Picked as one of the Best Books of 2018: Economics by the Financial Times

Praise for The Myth of Capitalism: Monopolies and the Death of Competition

“Tepper and Hearn have written an impressive and important book, documenting via their own research and that of many scholars, the very substantial increase in concentration on the supply side of US industry, leading to a decline in competition and a substantial shift in market and political power away from consumers and labor and toward the owners of capital.  The consequences extend to rising inequality, slowing productivity growth, and shifts in the pattern of regulation in favor of corporations.  Pieces of these growth patterns have been described before.  But this book uniquely pulls it altogether.  One hopes that it will have the impact that it clearly deserves.”
Michael Spence, Economics professor at Stern School of Business NYU, Nobel Prize in economics 2001

“What’s wrong with American capitalism today? Why is it so good for the elite, and so bad for everyone else? Is inequality the problem? Tepper and Hearn make the case that inequality is the symptom, not the disease. The problem is too little competition, not too much. They provide an immensely readable and persuasive account, superbly well-informed by a mass of recent data and research.”
Sir Angus Deaton, Princeton University, Nobel Prize in economics 2015

“A broad-ranging and deeply-researched analysis of the inexorable growth of monopolies and oligopolies over the past four decades.  Tepper makes a compelling case that the government’s failure to reign in tech titans and other corporate behemoths is at the root of perhaps the most troubling macroeconomic trends of our time, including rising inequality and slowing productivity. Clear and highly accessible, the book takes no prisoners, arguing that monopolists’ funding and sloppy thinking has corrupted every aspect of the system, from politicians to regulators to academics.”
Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University
Author of bestseller This Time is Different

Code Red

Code Red by John Mauldin and Jonathan Tepper

Code Red looked at unconventional monetary policy — quantitative easing, financial repression, currency wars — and their impact on our everyday lives.

______________________________________________

A Primer on the Euro Breakup: Depart, Default, and Devalue as the Optimal Solution

Download the full report

My submission for the Wolfson Economics Prize was selected as one of the five finalist essays from a total of 425 entries, including submissions from some of the world’s top economists.  The paper contends that the process of euro break-up is not especially challenging. Large numbers of countries have exited currency unions in the past, typically without significant macroeconomic volatility associated with the exit, and we can learn from what they did — exit by surprise, probably over a weekend, with perhaps a couple of extra bank holidays; stamp notes and coins pending the printing of new currency. It argues that the real issues are not created by the exit process per se, but, rather, by the needs that motivate the exit — the need for Eurozone periphery countries to default and devalue.

The paper argues from historical cases and to see that the Eurozone crisis should be regarded as akin to an emerging markets crisis. Next there are some specific issues relating to the Eurozone, such as the status of the ECB. Then there is the position of states after exit — the essay contends that currency exits and devaluations are often predicted to lead to “Armageddon” but rarely do.

______________________________________________

Endgame

Endgame is a book that looks at the hangover after the Financial Crisis.  After a surge in private sector debt, governments around the world have borrowed money to cushion the downturn.  Now the world has to contend with much higher levels of debt. The book was a New York Times Best Seller and sold over 80,000 copies.

Literary Agent contact: Sam Hyate, The Rights Factory