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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Antitrust and Competition

The Ruling Against American Airlines-JetBlue Provides a Chance To Reform Antitrust’s Rule of Reason

Herbert Hovenkamp
Herbert Hovenkamp writes that the First Court’s recent ruling against American Airlines and JetBlue for coordinating operations in New York City and Boston exemplifies the correct application of antitrust’s rule of reason, which has troubled courts and plaintiffs and led to underenforcement for decades.
Commentary

The Political Economy of Fertility

Matthew Lucky
Stigler Center Assistant Director of Programs Matthew Lucky traces the history of ideas about population growth and its relation to welfare from Malthusian concerns of a population bomb to contemporary studies correlating declining birth rates in developed countries with increased investments in human capital and GDP per capita. Scholars now debate what it means for a society to have populations that do not simply stop growing, but rapidly shrink.
Antitrust and Competition

Can the FTC’s PBM Complaint Create a Competitive Pharmaceutical Marketplace?

Fiona Scott Morton
Fiona Scott Morton reviews the merits of the Federal Trade Commission’s complaint against the three largest pharmacy benefit managers (PBMs) for suppressing competition in pharmaceutical markets. Although the complaint’s alleged harms are narrow, it is a welcome start that promises to shed light on the PBM’s expansive anticompetitive practices and ultimately lower drug prices for Americans.
Antitrust and Competition

The EU’s Next Competition Commissioner Must Set Out Her Vision for Change

Max von Thun
Competition policy in the European Union is moving toward a new phase. Max von Thun parses ideas from two recent documents outlining the future of competition in the EU—a report from former Italian Prime Minister Mario Draghi and a “Mission Letter” from European Commission President Ursula von der Leyen—to understand what questions competition chief Margrethe Vestager’s appointed replacement, Teresa Ribera, must address as she lays out her own vision for the future of competition policy in the EU.
Academic Capture

There’s More Bias Than You Think

Maurice E. Stucke
Conflicts of interest are a serious problem in scholarship. Transparency and discounting, while necessary, are insufficient to protect the marketplace of ideas. Why?  Founder effects and dilution of expertise, explain Maurice E. Stucke and R. Alexander Bentley. To protect the integrity of academia, we must also encourage the injection and consideration of new and contradictory unconflicted ideas.
Antitrust and Competition

A Neo-Jeffersonian Approach to Antitrust Would Better Protect Individual Liberty

Kevin Frazier
Kevin Frazier writes that the Neo-Brandeisian movement’s focus on bigness as a harm to society in itself neglects the true focus of antitrust policy—protection of individual liberty, as envisioned by Thomas Jefferson. He argues that a Neo-Jeffersonian approach would clarify antitrust’s goals and produce more appropriate government intervention in markets.
Antitrust and Competition

Draghi’s Untapped Vision for EU Competition Reform Beyond Tradition

Ioannis Lianos
In the second of two articles (read the first part here), Ioannis Lianos discusses how the incipient ideas and suggestions Mario Draghi presents in his report on the future of competition in the European Union could be developed into real-world policy.
Antitrust and Competition

What the Draghi Report Really Means for the Future of European Competition Policy

Ioannis Lianos
In the first of two articles, Ioannis Lianos analyzes the implications of Mario Draghi’s report on the future of European Union competitiveness. He explores its suggestions for protecting competition, moving to an ex-ante regulatory regime, and moving beyond traditional consumer welfare goals, dispelling exegesis from those who cite the report in support of and against current competition policies.
Commentary

Reflections on Collaboration with the 2024 Nobel Laureates Acemoglu, Johnson and Robinson

Leopoldo Fergusson
From collaborator to commentator, economist Leopoldo Fergusson offers a unique perspective on his work with recent Nobel laureates in economics. Fergusson reflects on their groundbreaking research on institutions, political incentives, and social norms, while providing personal insights into the brilliance and generosity of James Robinson and Daron Acemoglu.
Antitrust and Competition

Is Labor Antitrust a “Nonexistent” Problem?

Eric A. Posner
In a recent revision of its Premerger Notification Regulation, the FTC removed labor market provisions from the previous draft as Commissioner Melissa Holyoak dismissed them as "a solution in search of a nonexistent problem." Eric Posner argues that her assessment contradicts a substantial body of academic research showing that labor market concentration is indeed a serious concern.
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.