Regulation
George Stigler’s Errors and Their Virtues
George Stigler might have been wrong in his essay on economic regulation, but his influence is undeniable. The unity of purpose in his writings...
Harold Demsetz and Israel Kirzner Understood That Competition Regulates Markets
Economists Harold Demsetz and Israel Kirzner challenged the prevailing orthodoxy in microeconomic analysis and public policy beginning with their respective work in the 1960s....
Invigorating Competition in Health Care Markets: Is Rate Regulation Needed?
It now appears that market concentration may be the leading cause of America’s health care cost crisis. If the United States is going to...
Stigler’s Interest-Group Theory of Regulation: A Skeptical Note
As a rule, regulation is not acquired by “the industry,” and it is not designed and operated primarily for its benefit. The mechanisms behind...
Rethinking Competition: From Market Failures to Ecosystem Failures
Despite the overwhelming importance of digital platforms, and the chatter around their recent rise, our understanding of digital ecosystems is still limited. As such,...
Preventing Drug Shortages and Saving Lives: The Role of Quality and Reliability Standards
Prescription drug shortages have become more common in recent years, interrupting usual medical care and increasing patient risk and system costs, but they are...
The Texas Power Failure: How One Market Model Discovered Its Natural Limits
Relying on marginal market prices to provide the incentives for the production and delivery of electricity means that all of the biophysical things enrolled...
The Texas Blackouts and the Problems of Electricity Market Design
Even in an ideal electricity market, reliability is an elusive and precarious byproduct of companies’ search for profits. Since market designers are rarely in...
OpenLux: Despite Reform Efforts, Luxembourg Remains an “Offshore Hub in the Heart of Europe”
Dozens of foreign citizens linked to corruption, embezzlement of public funds, organized crime, and tax crime have opened companies in Luxembourg, seemingly without raising...
What Is the Price of a Prescription Drug?
Due to lack of transparency and mystery rebates, which are considered trade secrets, figuring out the price of a prescription drug is devilishly difficult....
