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Physicists' quest for a "theory of everything" is well-known.
物理學(xué)家對“萬有理論”的追求人盡皆知。
The equivalent in economics is the hunt for common causes for the rich-world macroeconomic trends of the past decade or so:
經(jīng)濟(jì)學(xué)中的萬有理論是追尋過去十多年中發(fā)達(dá)國家宏觀經(jīng)濟(jì)趨勢的普遍原因：
a shrinking share of the economic pie for workers, disappointing investment and lacklustre productivity growth.
工人經(jīng)濟(jì)蛋糕份額的萎縮、令人失望的投資記憶呆滯的生產(chǎn)率增長。
These must be reconciled with low interest rates, pockets of technological advance and juicy returns for investors willing to take risks.
這些必須與低利率、技術(shù)進(jìn)步的空間以及投資者愿意冒風(fēng)險的豐厚回報和解。
The leading economic theory of everything is that competition has weakened as markets have become more concentrated.
主要的萬有理論經(jīng)濟(jì)理論是競爭隨著市場變得越來越集中而被削弱。
Unlike firms in competitive markets, monopolies limit production in order to keep prices and profits high.
和競爭市場中的公司不同，為了保持高價格和高利潤，壟斷限制了生產(chǎn)。
They can therefore be expected to restrain their investment, too.
因此，他們也有可能限制他們的投資。
They might still be innovative—with monopoly profits up for grabs, why not be?—but market power usually makes economies less productive overall.
他們?nèi)钥梢允怯袆?chuàng)造力的—壟斷利潤大家都有份，為什么不呢？—但是市場支配力通常會讓經(jīng)濟(jì)整體生產(chǎn)力更低。
And monopolies have many opportunities to take bites out of labour's share of the pie.
壟斷有很多吞食勞動者蛋糕份額的機(jī)會。
Their high profits typically flow to investors, not workers. Their high prices eat into the purchasing power of wages.
它們的高利潤通常流向了投資者而非員工。它們的高價格耗費(fèi)了工資購買力。
Their bargaining clout may even allow them to suppress pay directly.
它們的討價還價的影響力甚至可以讓它們直接抑制工資。
On April 3rd the IMF provided the latest evidence for parts of this theory.
4月3日，IMF提供了該理論的部分最新證據(jù)。
In a new study the fund's economists examined the markups over marginal cost—
在一項新研究中，IMF的經(jīng)濟(jì)學(xué)家調(diào)查了超過邊際成本的利潤—
one proxy for market power—charged by over 900,000 firms in 27 countries.
市場支配力的一個替代—該利潤由27個國家中的九十萬家公司收取。
They found that markups rose by 8% on average between 2000 and 2015.
他們發(fā)現(xiàn)在2000年和2015年間，利潤平均增長8%。
In findings consistent with earlier analyses by The Economist,
在與本刊早期分析相一致的發(fā)現(xiàn)中，
the fund concluded that market power has risen notably in America
IMF總結(jié)得出市場支配力在美國顯著增加
and by a smaller amount in Europe, and largely affected industries other than manufacturing (kept fiercely competitive by trade).
在歐洲小量增加，且極大地影響了工業(yè)和制造業(yè)（通過貿(mào)易保持激烈地競爭力）。
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