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The Equitable Economy

ESG, Corporate Governance & Future of the Firm

Taking on Corporate Power Requires Deprogramming Corporate Law

Mariana Pargendler
The current law and economics framework of corporate law rests on four theoretical underpinnings that restrict students’ and regulators’ understanding of the stakes of corporate law. In new research, Mariana Pargendler argues that creating corporate laws that are more attuned to social welfare will require deprogramming its dominant framework.
Development

Occupational Licensing Is Everywhere: Regulating Jobs Across Nations

Jon Hartley
In recent research, Johnathan S. Hartley and Morris K. Kleiner find that occupational licensing is globally pervasive among both developed and developing nations. However, higher national licensing rates are associated with lower GDP per capita, larger informal sectors, and weaker governance scores.
Income Inequality

Why Private Market Funds Are Dangerous for Retail Investors

Ben Bates
In new research, Ben Bates examines the recent wave of funds designed to open private markets to retail investors. Such funds both underreport volatility and perform worse than comparable funds aimed at wealthier investors.
ESG, Corporate Governance & Future of the Firm

Corporate Leaders Have Moved Left, But the Money Hasn’t Followed

Reilly Steel
In new research, Reilly S. Steel finds that corporate leaders’ individual political preferences are shifting left, but their aggregate spending remains skewed to the right. 
Antitrust and Competition

Merger Review Should Test for Labor Market Mavericks

Shishene Jing
Although merger review now acknowledges potential harms to labor markets, the analytical tools remain underdeveloped. Shishene Jing proposes identifying “labor market mavericks” as companies essential to maintaining competition among employers and preventing mergers that could reduce wages and other worker benefits.
Democracy

American Slaveholders Lost Their Wealth but Kept Their Political Power

Luna Bellani
In new research, Luna Bellani, Anselm Hager, and Stephan Maurer examine how the abolition of slavery after the American Civil War affected the political influence of former slaveholders. Despite the blow to their economic standing, former slaveholders maintained their electoral success, and once in office, their influence actually grew.
Antitrust and Competition

When Competitors Share Owners, They Automate More and Hire Less

Joseph Emmens
In a new paper, Joseph Emmens, Dennis C. Hutschenreiter, Stefano Manfredonia, Felix Noth, and Tommaso Santini find that when competitors for the same pool of workers share investors, they increase their innovation to automate tasks and slow down hiring.    
Cultural Economics

How OxyContin and the Opioid Epidemic Reshaped American Communities

Carolina Arteaga
The OxyContin epidemic had large demographic effects on communities in the United States. In new research, Carolina Arteaga, Victoria Barone, and Stephen Claassen find that Purdue Pharma’s marketing strategy targeted specific areas, causing college-educated residents to flee and increasing fertility rates among the most affected populations.
Commentary

The Proposed California Billionaire Wealth Tax Produces Inequities and Adverse Incentives

Ray Ball
California’s proposed wealth tax on billionaires will struggle to accurately value and tax the wealth of California’s richest. Rather than fund the state’s massive budgetary commitments, the bill may drive away its largest taxpayers, write Ray Ball and Andrew Sutherland.
Antitrust and Competition

Antitrust as a Cure for the Private Equity Disease

Theodosia Stavroulaki
The United States healthcare system has experienced an expansion of private equity ownership. In new research, Theodosia Stavroulaki argues that private equity acquisitions risk harming healthcare by increasing prices, reducing quality of care, limiting access to care, and hurting the labor force.
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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.