READING LISTS

What will be the impact of Covid-19 on the US and global economies? While it’s too early to make reliable predictions, it is clear that the crisis, which caused the bigger global recession on record and placed more than one-third of the world’s population on lockdown, will reshape every aspect of society. Catch up on ProMarket’s coverage of the coronavirus and its impact on politics and the world's economies.

Why Social Distancing Measures Seem Less Effective in the US

Guidelines assume that the less people move around, the less likely they are to be in contact. However, phone location data show...

The Childcare Barriers to Putting America Back to Work

Substantial fractions of the US labor force have children at home and will likely face obstacles in returning to work if childcare...

The Paycheck Protection Program, Meant to Prevent Mass Layoffs, Missed Its Target

A new study shows that CARES Act funds to support small companies and prevent mass layoffs did not flow to areas more...

How Are Americans Coping With the Covid-19 Crisis? 7 Key Findings From a Household Survey

New research from the Rustandy Center and the Poverty Lab at the University of Chicago finds that lower-income Americans, especially women,...

Alesina was born in Broni, Pavia, Italy. Alesina obtained his undergraduate degree in economics from Bocconi University. From 2003–2006, Alesina served as Chairman of the Department of Economics at Harvard. He was the Nathaniel Ropes Professor of Political Economy at Harvard. He visited several institutions including Massachusetts Institute of Technology (MIT), Tel Aviv University, University of Stockholm, The World Bank, and the International Monetary Fund (IMF). In 2006, Alesina participated in the Stock Exchange of Visions project.

From Politics to Macroeconomics and Beyond

Alberto Alesina’s curiosity and intellect led him to a research path that opened up entire fields of research and deepened our understanding...

Political Economy, NBER Meetings, Gender Norms: How Alberto Alesina’s Research Changed Economics

Since the beginning of his career, Alberto Alesina has been a tireless proponent of the cross-contamination between economics and political science, psychology,...

How Alberto Alesina Challenged the Median Voter Theorem

"Alberto Alesina's insight was that the economy was driven neither by the opportunistic behavior of politicians nor by the pursuit of partisan...

Not Everyone Agreed With Alberto Alesina, but Nobody Could Ignore the Work He Did

Harvard professor Jeffry Fridel was a friend and a colleague of Alberto Alesina. They shared the beginning of their careers, a house...

Aaron Director, one of the founders of the so-called Chicago School of Law and Economics, died on September 11, 2004. To mark the 15th anniversary of his death, ProMarket is published a series of articles on his work and intellectual legacy.

Corporations and the Rise of the Chicago Law and Economics Movement

From its birth in 1946 onward, corporations made possible and crucially supported the rise of the Chicago law and economics movement. Aaron Director,...

Aaron Director and the Empirical Foundation for the Chicago Attitude on Antitrust

Empirical evidence, not just disembodied theory, was an important building block of Director’s view that competition could defeat concentration, writes Daniel Kuehn. Editor's note: Aaron...

How Powerful Ideas Can Shape Society: Aaron Director and the Triumph of Nihilism

The rise of giants like Amazon and Facebook proves the long-lasting influence of Director's approach. His intellectual and political legacy is...

If One Monopoly Is Good for the Firm, Are Two Always Better? Aaron Director and the Tie-in Problem

When IBM patented a punch card processing machine, it had the power to influence both the market of machines and punch cards, but this is...

Starting in 2004, a small number of intercontinental carriers recaptured control of industry oversight in Washington and Brussels, reversed thirty years of successful pro-consumer and pro-competitive aviation policies, and converted the world’s most important markets from robust competition to a permanent oligopoly/cartel of Too Big To Fail airlines. That consolidation movement undermined many of the mechanisms that had allowed the industry to restructure after past crises, and it is difficult to see how those mechanisms could rapidly be restored in order to help cope with today’s Coronavirus much larger crisis.

How Airline Alliances Convinced Regulators That Collusion Reduces Prices

The Department of Transportation granted antitrust immunity to Atlantic alliances that reduced competition on the basis of a single paper written by...

How Alliances Carriers Established a Permanent Cartel

American carriers faced the post 9/11 demand shock, while the European intercontinental flag carriers were facing increased competition in the Middle East...

The Airline Industry’s Post-2004 Consolidation Reversed 30 Years of Successful Pro-Consumer Policies

A small number of intercontinental carriers recaptured control of industry oversight in Washington and Brussels to convert the world’s most important markets...

Why Consolidation Undermined the Airline Industry’s Ability to Recover from the Coronavirus Crisis

A major factor contributing to the industry’s struggles during the current crisis was the loss of resiliency due to the consolidation...