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The Equitable Economy

ESG, Corporate Governance & Future of the Firm

The Social Responsibility of Business Includes Profits

Alex Edmans
Profits these days are often seen as a dirty word, but it is wrong to demonize profits. A company’s responsibility is not to sacrifice...
ESG, Corporate Governance & Future of the Firm

Managers Should Satisfy Only the Ethically Permissible Preferences of Shareholders

Santiago Mejia
Oliver Hart and Luigi Zingales have proposed a revision to the dominant model of the objective of the firm, most famously defended by Milton...
Economic History

Plagues Upon the Earth: How Wealth Intersects With Mortality

Kyle Harper
Kyle Harper’s new book, Plagues Upon the Earth: Disease and the Course of Human History, shows that the story of disease is entangled with...
Antitrust and Competition

Unreliable Accounts: How Regulators Fabricate Conceptual Narratives to Diffuse Criticism

Karthik Ramanna
In 2010, as the world was reeling from the global financial crisis, the body that determines generally accepted accounting principles for listed corporations in...
ESG, Corporate Governance & Future of the Firm

Two Years After the Business Roundtable Statement: Pointing in the Right Direction

Margaret Blair
The 2019 Business Roundtable statement was a welcome break from the position that the nation’s top corporate CEOs took in 1997, when the BRT pledged...
Economic History

The Complicated Legacy of the “Chicago Boys” in Chile

Daniel Matamala
How did a group of Chicago-trained economists manage to turn Chile into the cradle of neoliberalism? As the country aims to move away from...
ESG, Corporate Governance & Future of the Firm

“Comments for Sale”: Charitable Donations Can Lead Non-profits to Support Corporate Regulatory Agendas

Marianne Bertrand
A new paper shows how financial ties between companies and non-profits can subvert rulemaking process and lead to regulations that favor the interests of...
ESG, Corporate Governance & Future of the Firm

Two Years Later, Has the Business Roundtable Statement Transformed Capitalism?

Alex Edmans
Two years after the Business Roundtable redefined its statement of Purpose of a Corporation to include “a fundamental commitment to all of our stakeholders”...
Antitrust and Competition

Antitrust Enforcement Is Not Enough to Address Anticompetitive Conduct in Pharmaceutical Markets. Market-Oriented Legal Reform is Needed.

Alden Abbott
Federal antitrust enforcement has been robust and effective in promoting prescription drug market competition and thereby enhancing consumer welfare. Antitrust enforcement in itself, however,...
Antitrust and Competition

Competition Problems in Prescription Drug Market

Michael Kades
Although not the sole cause of high prescription drug costs, abusive practices that distort competition contribute to the problem. Too many companies exclude competition...
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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.