Economic History

In new research, Ryan Stones revisits the alleged disagreement between two influential schools of antitrust on how to handle big businesses. Instead of finding contrasting policy recommendations, he highlights a strikingly similar relaxation of attitudes toward enforcement in the Chicago School and Ordoliberalism in the post-war period.

The 2024 Nobel Memorial Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James Robinson for “studies of how institutions are...

Two municipal market veterans, David Dubrow and Kent Hiteshew, delve into the history and current state of disclosure practices in the municipal bond market, highlighting the flaws in the current system. In a follow up, the authors will explore potential paths to reform and key components of a uniform standard of disclosure for municipal securities.

The following is an excerpt from Sarah C. Haan’s book, “Reclaiming Corporate Democracy.”

Richard R. John recounts how in the twentieth century the once-mighty Bell System, whose descendants include today’s Verizon and AT&T, waged a powerful decades-long public relations campaign, including the funding of history books and research centers, to persuade the public that its success rested in technological imperatives and economic incentives rather than a favorable regulatory landscape. Though the Bell PR campaign failed to stop three highly effective antitrust suits, it succeeded in establishing a story about management, competition, and innovation that many Americans—including several of today’s Big Tech critics—have uncritically repeated.

Joel Seligman's article examines the historical debate surrounding the Securities and Exchange Commission's mandatory corporate disclosure system, focusing on George Stigler's influential 1964 critique and subsequent discussions. While acknowledging Stigler's role in sparking important questions about regulatory necessity, Seligman argues that critics often underestimated the historical evidence of securities fraud and the need for public market confidence, ultimately defending the continued relevance of mandated disclosure in securities regulation.

The 2024 Marshall Forum held a panel on Chicago Economics, debating its focus on big questions, data-driven research, and the role of markets. Panelists discussed a move away from pure market efficiency and a growing focus on inequality within the field.

In a new paper, Sebastian Edwards details the numerous and varied contributions of University of Chicago faculty to exchange rates and monetary policy from 1892 to 1992.

Kevin Murphy reflects on his seminal work with the late Michael Jensen, reassessing their influential findings on CEO compensation in light of the dramatic changes in executive pay practices and market conditions since the 1990s. In this piece, Murphy shares the journey of their research collaboration, the challenges they faced, and the evolution of their thoughts on executive compensation.

Michael Jensen, a leading late 20th century economist, pivoted from praising public companies in the 1970s to assailing public company governance in the 1980s and 1990s. Disappointment that corporate executives did much to thwart takeover activity prompted Jensen’s 180-degree turn.