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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

Herbert Hovenkamp: Distinguishing Harms from Benefits in the 2023 Merger Guidelines

Herbert Hovenkamp
Herb Hovenkamp provides his round-two comments on the draft Merger Guidelines.
Antitrust and Competition

Bilal Sayyed: The Draft Merger Guidelines Abandon the Persuasiveness of their Predecessors

Bilal Sayyed
Bilal Sayyed provides his round-one comments on the draft Merger Guidelines. To read more from the ProMarket Merger Guidelines Symposium, please see here. For revised Merger Guidelines to retain...
Antitrust and Competition

Do Antitrust Enforcers Know They Induce Shrinkflation?

Barak Orbach
The United States has recently experienced shrinkflation. Many companies have downsized their products while keeping prices unchanged or even raising prices. Barak Orbach argues that misguided beliefs that failed antitrust policies enabled the decay of business morality have compromised the understanding of shrinkflation. The phenomenon typically arises when supply shocks or other factors inflate production costs in the economy and competitive pressures limit the ability of businesses to raise prices to pass on cost increases.
Antitrust and Competition

What Signal are the Draft Merger Guidelines Sending to Enforcers Elsewhere?

Cristina Caffarra
Cristina Caffarra discusses the animating principles and profound changes brought about by the new draft Merger Guidelines, and argues they will resonate with policy makers and enforcers in other jurisdictions.
Antitrust and Competition

Zephyr Teachout: The Proposed Merger Guidelines Represent a Reassertion of Law over Ideology  

Zephyr Teachout
Zephyr Teachout provides her round-one comments on the draft Merger Guidelines.
Antitrust and Competition

Eleanor Fox: A Slice of Forgotten History and Its Light on the Future – Changing the Lens on Antitrust

Eleanor Fox
Eleanor Fox provides her round-one comments on the draft Merger Guidelines. To read more from the ProMarket Merger Guidelines Symposium, please see here.
Antitrust and Competition

Why Does the FTC Continue To Pursue Losing Cases?

Jay Ezrielev
The Federal Trade Commission has recently lost a series of cases seeking to prevent Big Tech mergers and acquisitions. Jay Ezrielev offers several possible explanations for why the FTC continues to pursue these bad cases and suggests how the agency can refocus its energies to better serve its mission to protect competition going forward.
Antitrust and Competition

Cory S. Capps and Leemore Dafny: A Conversation on the Draft Merger Guidelines

Cory S. Capps
Cory S. Capps and Leemore Dafny provide their round-one comments on the draft Merger Guidelines.
Commentary

When Foucault and the Austrian Liberals Agreed on the Impossibility of Political Rationality

Parv Tyagi
Philosopher Michel Foucault is often associated with the political left. Austrian liberals, including Ludwig von Mises and F.A. Hayek, are generally associated with libertarians or the political right. However, all shared a doubt regarding the government’s ability to use statistics and data to regulate populations and markets, writes Parv Tyagi.
Antitrust and Competition

Carl Shapiro: Why Dropping Market Power from the Merger Guidelines Matters

Carl Shapiro
Carl Shapiro provides his round-one comments on the draft Merger Guidelines.
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The publication of the Stigler Center at The University of Chicago Booth School of Business

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.