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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)

Commentary

Proxy Voting’s Hidden Influence on Corporate Takeovers and Activist Campaigns

Roslyn Layton
Roslyn Layton writes that proxy advisors, which provide voting services for shareholder meetings, can influence how publicly traded firms conduct their business. Two proxy firms–Glass Lewis and Institutional Shareholder Services (ISS)–have 97 percent of the market and have allowed some minority shareholders to exercise outsized influence.
Antitrust and Competition

Why an Android Divestiture Is a Necessary Google Search Remedy

Steven Salop
Steven C. Salop writes that only Google’s full divestiture of its Android operating system can avoid incentives on the part of Android and Google to preference Google’s apps, including its search engine, and stifle competition.
Antitrust and Competition

The Next Administration Must Finish the Merger Guidelines Revision

John Kwoka
John Kwoka writes that the antitrust agencies under President Joe Biden made thoughtful revisions to the Merger Guidelines that will strengthen enforcement and competition. However, they still fall short in their treatment of the structural presumption and efficiencies defense, where both economics and the law provide grounds for strengthening. Current practices strain agency resources and permit anticompetitive mergers and acquisitions. The next administration must revisit these two issues.
Antitrust and Competition

Four Key Questions on Antitrust in Tech for the Next Four Years

Ginger Zhe Jin
Over the past four years, antitrust scrutiny has increasingly focused on large technology firms. Ginger Zhe Jin and Liad Wagman discuss the complexities of antitrust enforcement and policy in the digital age, highlighting the challenges of promoting innovation while fostering competition, and areas where consumer protection and antitrust are colliding or are set to collide. To that end, the authors identify several key questions that the next administration of the United States should address to better delineate between legal and illegal competitive practices in the digital age, with implications for the broader economy.
Antitrust and Competition

The Next Administration Must Protect Workers From Monopsony Bargaining Power

Steven Salop
Steven C. Salop recommends that the next presidential administration continue to focus competition policy on protecting against adverse labor market outcomes. He suggests several policies the administration might pursue to achieve these benefits.
Antitrust and Competition

Antitrust Policy After Biden

Herbert Hovenkamp
Herbert Hovenkamp applauds the Biden administration’s antitrust authorities for intervening in labor markets and more robustly challenging mergers between competitors. However, the next administration should clarify in its guidance that the objective of stronger antitrust enforcement must focus on lowering prices, increasing output, and removing any restraints on innovation.
Antitrust and Competition

The US Is Not Prepared for the AI Electricity Demand Shock

Barak Orbach
The United States power grid is increasingly strained by the surging electricity demand driven by the AI boom. Efforts to modernize the power infrastructure are unlikely to keep pace with the rising demand in the coming years. Barak and Eli Orbach explore why competition in AI markets may create an electricity demand shock, examine the associated social costs, and offer several policy recommendations.
Commentary

Why Global Coordination is Necessary for Regulating AI

Johannes Fritz
Johannes Fritz and Tommaso Giardini examine the state of AI rulemaking around the world and find that, despite global alignment on principles, execution at the national level diverges on three important metrics. The risk is fragmentation in AI as firms choose to exclude entire markets rather than navigate the intricacies of compliance in different regions.
Commentary

The Supreme Court’s War on the NLRB and Workers

Dylan Gyauch-Lewis
Dylan Gyauch-Lewis reviews the Supreme Court’s recent spate of rulings redefining administrative law and how they threaten the National Labor Relations Board’s authority.
Commentary

How Loper Bright and the End to the Chevron Doctrine Impact the SEC

James Tierney
James Tierney finds that Loper Bright, the latest ruling in a rash of Supreme Court cases undermining the Securities and Exchange Commission’s authority, will limit the agency’s intervention in the market and produce uncertainty for businesses as they guess which rules will survive the judicial review.
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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.