Economics

The Elephant in the Market Power Debate

Profits are the ultimate sign of market power. But for the past 40 years, economists and antitrust practitioners have disparaged the measurement of profit...

Why the FTC Should Focus on Labor Monopsony

Economic theory tells us that firms are more likely to exploit labor market power than product market power in the United States today. And...

Marx and Modern Microeconomics

Few economists doubt that Marx flunked economics, a judgement mostly based on his labor theory of value. But this column argues that Marx’s representation...

Top5itis: The Disease that Affects Economics

Top5itis is a disease that currently affects the economics discipline. It refers to the obsession of the profession of academic economists with the so-called...

LATEST NEWS

Why Privacy Experts Need a Place at the Antitrust Table

Antitrust enforcers have tended to stay narrowly “in their lane,” failing to engage with how data is collected and used by digital...

Assessing George Stigler’s Economic Theory of Regulation

Despite its flaws and limitations, Stigler’s seminal article on the theory of economic regulation remains an important piece of scholarship worthy of...

“Old Chicago” and Freiburg: Why Ordoliberalism Was No “German Oddity”

Both the Chicago and Freiburg schools faced systemic fragility as the crucial property of societal orders. It was this fragility that served...

The Many Faces of Stigler’s Theory of Economic Regulation: Interest Group Politics Still Thrives—But Industry Often Comes Second

Stigler treats industry groups as the heavyweights in regulatory contests. But surprisingly often groups of farmers and workers knock them for a...

Why the FTC Should Consider Size in Drug Mergers

Large pharmaceutical firms retain their dominance through size-related advantages in three areas: contracting, marketing and selling, and financing. When reviewing pharmaceutical mergers,...