Commentary

"Is the Market Actually Efficient? No, It Is Only a Very Powerful Narrative"

A conversation with Nobel Prize laureate Robert Shiller on his new book, Narrative Economics: "Economists do not study narratives systematically, but they shape the...

Bethany McLean's Weekend Reading List: Google’s Secrets, Banking, and Boeing

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean.    I think I've been reading too many...

Political Economy, Blind Spots, and a Challenge to Academics

Anat Admati calls on economists and academics to engage with governance and political economy issues, scrutinize models before applying them to the real world,...

Bethany McLean's Weekend Reading List: the SEC, Tesla, and California's Housing Crisis

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean.    One of my ongoing obsessions is the...

Bethany McLean's Weekend Reading List: Pension Problems, Funky Accounting, and Elon Musk

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean    My three picks this week deal with...

Esther Duflo: How to Find the Right Questions

In this piece, originally published in 2011 by the American Economic Association's Committee on the Status of Women in the Economics Profession, Esther Duflo, co-recipient of...

With the US and China, Two Types of Capitalism Are Competing With Each Other

Capitalism’s global victory has been achieved through two different types of capitalist systems: the liberal meritocratic capitalism that has developed incrementally in the West,...

Standard Oil and Antitrust: the Effects of Aaron Director's Socratic Method

Aaron Director, who died 15 years ago, made important contributions to the analysis of business practices. None were ever published under his name. Professor...

Aaron Director’s Legacy: The Beginning of Doubt is the Beginning of Wisdom

Aaron Director died 15 years ago. He published almost nothing, but his ideas influenced a generation of economists and intellectuals. Professor Stephen Stigler remembers...

What Bernie Sanders’s Plan to Save American Journalism Gets Right – and What It Misses

Independent and effective news reporting is at the heart of the democratic process. The dangers to media plurality and local journalism that Sanders identifies...

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Reversing the “Resource Curse” with Foreign Corruption Regulation

Anti-corruption regulation originating in developed countries is effective in changing corporate behavior and has a positive economic impact on developing countries.

The Death of Hong Kong’s Rule of Law

Hong Kong's rule of law has suffered a fatal blow. With the national security law, the authoritarian regime has all that it...

President-Elect Joe Biden and the Real Lessons of DuPont

Simply talking corporate America into being more responsible is not enough. It may get corporations to talk the talk, but not to...

How Companies Spin Off Environmental Liabilities to Avoid Legal Obligations

Environmental externalities are vexing for corporate decision makers, but some companies have figured out a way to deal with them: a spinoff....

How Pfizer’s Vaccine Announcement Demonstrates the Political Power of Firms

By timing the disclosure of the results of its vaccine trial, Pfizer could have influenced the 2020 presidential election. This is worrisome...

The Useful Distraction of Section 230

How the red-herring of a politicized Section 230 and “conservative censorship” distracts from a bipartisan national privacy act.

Institution Man: How Corporations Came to Dominate the US Economy

In the first chapter of his book Transaction Man, Nicholas Lemann explores how Adolf Berle, author of The Modern Corporation and Private...