In the name of promoting equitable economic policy, a group of U.S. lawmakers recently called on the Biden administration to help transition the economy toward a system of stakeholder capitalism. Would such steps help American workers and consumers? Or does this effort reflect an incomplete understanding of market forces? AQR managing and founding principal Cliff Asness and MI senior fellow Allison Schrager conversed on the benefits of shareholder primacy, the implications of prioritizing market efficiency on stakeholders, and what alternative guiding principles could mean for society.

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