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The Equitable Economy

Economic History

The Most Famous Article on the Theory of the Firm is Widely Misunderstood

Brian Cheffins
Michael Jensen and William Meckling’s famous 1976 Journal of Financial Economics article has been cited nearly 100,000 times and is often regarded as a...
Covid-19

The Unequal Toll of Covid-19

Neha Deopa
A pandemic is by definition universal but while it is true that the Covid-19 outbreak has affected everyone, it has not done so equally....
ESG, Corporate Governance & Future of the Firm

Public’s Perception of Large Corporations Has Direct Impact on the Public Support of Corporate Bailouts

Emanuele Colonnelli
A new Stigler Center working paper finds that the likelihood of someone signing an online petition or contacting their US senators to support corporate...
ESG, Corporate Governance & Future of the Firm

Holding Corporations and Executives Accountable Depends on Our Legal System

Vikramaditya Khanna
How can the law prevent and deter corporate wrongdoing? The answer might lie in identifying what factors are associated with greater wrongdoing and how...
ESG, Corporate Governance & Future of the Firm

My American Board: On Ken Dayton and Good Governance

John Tusa
In the second chapter of his book On Board, John Tusa describes his experience on the board of American Public Radio, which he joined...
ESG, Corporate Governance & Future of the Firm

Do Employees Benefit From Worker Representation on Corporate Boards?

Magne Mogstad
Mandated legislation of worker representation is unlikely to be the magic bullet some policy-makers have pictured. A new paper finds workers may benefit from...
ESG, Corporate Governance & Future of the Firm

Do Companies Invest In Corporate Social Responsibility At the Expense of Their Employees?

Guglielmo Briscese
The past decade has seen companies increasing investments in initiatives of corporate social responsibility (CSR), such as donating a share of profits to charity....
ESG, Corporate Governance & Future of the Firm

Millennials and Gen Z Are Willing to Accept Lower Wages to Work in More Sustainable Firms

Daniel Metzger
Firms in more environmentally friendly sectors are better able to attract and retain talent and at lower wages. Millennials and Gen Z, who are...
Antitrust and Competition

How the FTC Protected the Market Power of Pharmacy Benefit Managers

Stacy Mitchell
Pharmacy Benefit Managers (PBMs) were established in the 1960s to control drug costs but have since morphed into one of the most highly concentrated...
ESG, Corporate Governance & Future of the Firm

How Corporate Purpose Affects Firms

Claudine Gartenberg
A company’s purpose is a core aspect of the organization: it influences the financial performance of company, and relates to its ownership characteristics, compensation...
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