Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean.  A company and the sycophants—I'm sorry, research analysts—who cover it, retaliating against a journalist for raising questions? Say it isn't so.  If Wirecard is an age-old story, so is selling the public a story that you know is false so you can keep selling more....

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COMMENTARIES

Friedman’s Principle, 50 Years Later

In the mid-1980s, Milton Friedman’s view that the only social responsibility of...

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A New Capitalisn’t Episode

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READING LIST

Social Distancing Laws Cause Only Small Losses of Economic Activity: Scandinavian Countries as a Case Study

A new study compares the economic performance of Sweden, which avoided a government-mandated shutdown and allowed businesses to operate freely during the...

The Persuasive Effect of Fox News: How Increases in Fox News Viewership Reduced Compliance With Social Distancing Guidelines

Using zip-code level data on Fox News viewership and individual cellphone movement data, a recent study finds that increasing the local viewership...

Tailoring Lockdowns for Developing Countries

The Covid-19 pandemic has decimated livelihoods in developing nations, and coronavirus-related deaths are rising in Africa and South Asia at an alarming...

Lifting Lockdown Measures Won’t Bring Back Lost Jobs, New Study Suggests

A new paper examines data on local outbreaks in South Korea and finds that even in the absence of lockdowns, an increase...

READING LIST

In the aftermath of the brutal murder of George Floyd at the hands of white police officers in Minneapolis and the ensuing global outrage, an unprecedented focus on the causes of police violence and misconduct has emerged. Should the police be “defunded,” as many protesters demand, or should US law enforcement reformed in other ways? ProMarket investigates.

Police Stops of Black Drivers Increase Following Trump Rallies, New Study Suggests 

A new study looks into how Trump's 2016 presidential campaign affected police behavior toward Black Americans and finds that the probability that...

Prison Labor Can Create Perverse Incentives for Incarceration and Reduce Trust in Legal Institutions

Government proponents of prison labor should be mindful of the potential for negative effects, including increased incarceration rates and citizens’ deteriorating views...

Few Bad Apples? New Study Finds That 40 Percent of Officers in a Large Police Force Are Discriminatory

A new paper seeks to examine whether police misbehavior is concentrated or diffuse by identifying whether highway patrol officers in Florida are...

What is the Connection Between Collective Bargaining and Police Officer Misconduct? Evidence from Florida

A working paper finds that after sheriffs’ deputies in Florida were allowed to unionize, violent incidents increased by 40 percent.

The United States: An Exceptional Case? A Webinar With Stephen Haber, Richard R. John, and Luigi Zingales

Many see the US as a land where free markets and antitrust enforcement have historically kept monopolies under control. But is that really the case?  Watch a conversation between Stanford University professor Stephen Haber, Columbia University professor Richard R. John, and Luigi Zingales. The Stigler Center’s Monopolies and Politics Workshop Webinar Series explores the interconnection between monopolies and politics, and the historical evidence of monopolies capturing national governments and...

The Economic and Social Implications of Racial Disparities: A Webinar With Lisa Cook

Michigan State University professor Lisa Cook joined Princeton’s Bendheim Center for Finance to discuss how violence impacts innovation, as well as the economic and societal fissures exposed by Covid-19.  On...

Covid-19 and Amazon’s Future: a Webinar With Stacy Mitchell, Steven Kaplan, and Jacob Schlesinger

As part of the Stigler Center’s Political Economy of Covid-19 Series of online programming, which explores the economic and political implications of Covid-19 with leading academics and experts, we recently hosted a conversation between Stacy Mitchell, co-director...

Does Going to War Increase Veterans’ Religiosity?

Are there really no atheists in foxholes? A new paper looks at the effects of military combat on American service members’ religiosity—and its results...

COLUMNS

Bethany McLean’s Weekend Reading List: Shopify, Distressed Investors, and the Sacklers’ Opioid Fortune

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 

Bethany McLean’s Weekend Reading List: Big Tech, Hospital Bills, and the Lost “Covid Generation”

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 

Bethany McLean’s Weekend Reading List: The Covid Storm, the Greatest Debt Binge, and How Did the Internet Get So Bad?

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 

Bethany McLean’s Weekend Reading List: Eastman Kodak, Private Equity Hospitals, and America’s First Female Recession

Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 

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LATEST

The Real Effects of Environmental Activist Investing

A new study examines the efficacy of climate-focused investor engagements initiated by the New York City Pension System. Its findings support the...

For Whom Corporate Leaders Bargained: What the Past Can Teach Us About the Questionable Promise of Implementing Stakeholder Capitalism Today

The debate about stakeholder capitalism should seek to learn from our experience with constituency statutes, which authorized corporate leaders to take into...

The Enduring Wisdom of Milton Friedman

Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder value is...

Shareholders Don’t Always Want to Maximize Shareholder Value

Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay...

Does a CEO Have a Duty to Lobby?

We need not only more disclosure, but also more work in alerting people in general (and students in particular) about the distortive effects of...

Contextualizing the Dispute Between Australia, Facebook, and Google

The Australian Competition and Consumer Commission's draft news media bargaining code for digital platforms has elicited aggressive responses from both Google and...

What Stakeholder Capitalism Can Learn From Milton Friedman

Instead of ridiculing the Friedman doctrine and proclaiming its death, advocates of stakeholder capitalism and responsible investing, like me, can learn a...

Serving Shareholders Doesn’t Mean Putting Profit Above All Else

The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is to maximize profits. Editor’s note:...

ALSO READ

Tech Monopolies Are the Reason the US Now Has a TikTok Problem

Tech platforms like Facebook say we should protect, empower, and celebrate their concentrated power for the sake of America’s national security. But...

Who Is to Blame for the 2008 Financial Crisis?

The IGM Center at the University of Chicago has asked its American and European economist panel to rate the main causes of the financial...

Should We Defund the Police? A New Capitalisn’t Reading List

In this episode of the Capitalisn't podcast, Kate and Luigi take an economist's look at the concept of defunding the police.

Why Economic Predictions Are Useless Right Now

The Covid-19 crisis is unprecedented in its global scope and open-ended, uncontrollable progress. By their very nature, the models that economists often...

How Political Conflict Shapes Macroeconomics: Alberto Alesina’s Intellectual Legacy

One of the most respected economists of his generation, Harvard professor Alberto Alesina suddenly died at 63. His friend and colleague Guido...

“We’ve Never Had a Purely Capitalist Economy—We’ve Had State-Subsidies for Some and Exclusion for Others”

In an interview with ProMarket, UC Irvine law professor Mehrsa Baradaran discussed the connection between the current protest wave and the deep-seated...

The Best Political Economy Books of 2019

A history of American antimonopoly, the case against Big Tech, and how Europe got better than the US at free markets: here are (in no...