Michael Boskin claims that mega-mergers are inevitable and are positive since they produce more "efficiency" in the American economy, which will in turn lead to the increase of the American standard of living ("Mergers Reflect Natural Evolution of Dynamic, Complex Economy," Sept. 10).
Just because mega-mergers have a tendency to occur does not mean they represent a positive change for the American economy and for everyone as a whole. In fact, these mergers just lead to the further concentration of wealth and power into fewer and fewer hands as well as fewer well-paying middle- and upper-class jobs. The recent merger of Chemical Bank and Chase Manhattan Bank will result in the loss of 12,000 jobs!
