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David Gindis and Steven Medema

Henry Manne’s Struggle To Institutionalize Law & Economics

In new research, David Gindis and Steven G. Medema trace Henry Manne’s entrepreneurial role in the development of the field of law and economics, beginning with a failed venture to bring together economists and legal scholars, but one that established the foundations for later success.

COMMENTARY

La Grande Illusione of the International Anti-Corruption Fight

Fabio De Pasquale
Fabio De Pasquale, a prosecutor at the Milan prosecutor’s office who led the investigation...

RESEARCH

Corporate Defendants Significantly Outspend Plaintiffs in Expert Witness Arms Races

Adam Callister, Andrew Granato and Belisa Pang
In new research, Adam Callister, Andrew Granato, and Belisa Pang argue that differing incentives faced by plaintiffs and defendants in “battles of the experts” litigation (like securities suits) leads to structurally higher spending by defendants on expert witnesses. These incentives also apply to any class action suit and many individual suits. They argue that courts should take this dynamic into account and correspondingly be more aggressive in using authority to employ court-appointed experts.
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Antitrust and Competition

How Has Industry Consolidation Changed the Way Americans Shop?

Dominic Smith and Sergio Ocampo
In new research, Dominic Smith and Sergio Ocampo show that retail concentration has increased in most markets across the United States, with the expansion of large retail chains driving the trend toward a more concentrated retail landscape. Their findings are based on new product-level census data for all U.S. retailers. They explain the implications of this increased concentration for the everyday shopping experience of clothing, electronics, groceries, and much more.
Antitrust and Competition

Antitrust and Opposition to Policy Change

Erik Peinert
The following is an adapted excerpt from “Monopoly Politics: Competition and Learning in the Evolution of Policy Regimes” by Erik Peinert, now out at Oxford University Press. 
Antitrust and Competition

The Future of the Online Platform Regulation Act in South Korea

Hwang Lee
South Korea’s proposed Online Platform Regulation Act has taken multiple turns amid political upheaval, pressure from the United States, and a fiercely competitive domestic tech market. Hwang Lee explores how global geopolitics, strong domestic platforms, and the "Brussels Effect" are reshaping the country’s approach to digital regulation.
Commentary

The Price We All Pay When Corporations Dodge Criminal Charges

Ellen Podgor
Corporations can sidestep prosecution by cooperating with the government and offering up employees to avoid their own criminal liability. Ellen S. Podgor discusses two prominent reasons why the current approach to corporate criminality is inefficient.
Development

Global Financial Liberalization Has Failed To Live Up to Its Promise

Damien Capelle and Bruno Pellegrino
In new research, Bruno Pellegrino and Damien Capelle find that while global capital markets have grown dramatically over the past five decades and reached new jurisdictions, the uneven pace of financial liberalization has failed to reallocate capital to lower-income countries, reduced world GDP by 5.9%, and increased inequality between rich and poor countries.
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READING LISTS

Health Care

Americans spend significantly more on health care than any other country. Why? Answers to this question range from hospital monopolies to perverse incentives to opaque pricing to medical licensing to pharmaceutical firms abusing IP practices to “creeping consolidation.” Why is the US health care system so broken? And what can antirust do about it? Catch-up on our coverage of antitrust and the US health care system.

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Antitrust and Competition

Is Competition Law Making Us Sick?

Benjamin Wood, Sven Gallasch, Nicholas Shaxson, Katherine Sievert and Gary Sacks
In new research, Benjamin Wood, Sven Gallasch, Nicholas Shaxson, Katherine Sievert, and Gary Sacks write that competition underenforcement and a narrow regulatory focus on prices and output has allowed industries that produce harmful consumer products, such as tobacco or ultra-processed foods, to increase demand and, consequentially, harm to society. They argue that competition law must evolve to consider health impacts.
Antitrust and Competition

Is Private Equity’s Involvement in Healthcare Really Harmful?

Anthony LoSasso, Ge Bai and Lawton Robert Burns
Anthony T. LoSasso, Ge Bai, and Lawton Robert Burns argue that critics of private equity’s involvement in healthcare ignore that it is often the only financial lifeline available to distressed healthcare providers and can introduce an improvement in outcomes, including quality of care.
Antitrust and Competition

How Private Equity Hurts the Healthcare Workforce

Theodosia Stavroulaki
Theodosia Stavroulaki reviews how the involvement of private equity in American healthcare leads to, among other negative outcomes, burnout and stress among healthcare workers, particularly physicians. She writes that the consequences could cripple America’s healthcare system.
Antitrust and Competition

Does Private Equity Harm the Welfare of Residents in Nursing Homes?

Robert Field
Robert I. Field argues that private equity’s impact on price competition among nursing homes is limited because prices are mostly determined by Medicaid. However, private equity does impact quality and labor outcomes, which deserve greater government scrutiny.

George J. Stigler, one of the most influential economists of the 20th century, won the Nobel Prize in Economic Sciences in 1982 “for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation.” His research upended the idea that government regulation was effective at correcting private-market failures. Stigler introduced the idea of regulatory capture, in which regulators could be dominated by special interests. These regulators would work for the benefit of large, monied organizations rather than the public good. Catch up on ProMarket's coverage of his legacy.

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Academic Capture

How Have Ideas on Conflicts of Interest in Competition Scholarship Changed Since 2018?

Andy Shi
ProMarket interviews Magali Eben and Giorgio Monti about changes to the disclosure policy of the The Academic Society for Competition Law (ASCOLA) and the broader conversation on conflicts of interest in antitrust and competition scholarship.
Antitrust and Competition

Do Firms Use Connections to the President To Avoid Antitrust Scrutiny?

Claire Liu and Jared Stanfield
In new research, Claire Liu and Jared Stanfield examine how relationships between corporate leaders and the United States president enable firms to capture regulation and avoid antitrust scrutiny.
Antitrust and Competition

What Do the Epic Games’ Lawsuits Against Apple and Google Say About the DOJ’s Apple Case?

Herbert Hovenkamp
Herbert Hovenkamp reviews Epic Games’ lawsuits against Apple and Google for restraining users’ ability to access Epic’s offerings through third-party app stores. A comparison of the two ecosystems sheds light on what remedies would improve benefits to consumers and how the Department of Justice’s own lawsuit against Apple may fare.
Antitrust and Competition

Weaponizing Antitrust and Regulation Will Hurt US Consumers

Diana L. Moss
Diana Moss reviews four recent examples of the Trump administration weaponizing antitrust and regulation to stifle opposing ideological and political viewpoints.

Can Education Survive AI?

Matthew Lucky
Stigler Center Assistant Director Matt Lucky reviews Khan Academy CEO Sal Khan’s recent book, Brave New Words: How AI Will Revolutionize Education (and Why That’s a Good Thing). The book presents an optimistic vision for the educational and pedagogical role of AI-assisted chatbots as personal tutors and teaching assistants. Khan discusses his book with Bethany McLean and Luigi Zingales on this week’s Capitalisn’t episode, which you can listen to here.

How Data Secrecy and Privatization Are Gutting American Democracy

Victoria Baranetsky
As private corporations gain unprecedented control over public data, Americans are losing access to the information that underpins democracy and critical aspects of their lives. D. Victoria Baranetsky argues that this rise of secrecy—driven by the rising value of data and government privatization—demands not just transparency, but a bold commitment to anti-secrecy as essential to democratic governance.

The Tradeoffs of Transparency in Sovereign Debt Markets

Mark Weidemaier
It is an economic truism that markets operate more efficiently and fairly when there is more transparency. However, in the case of sovereign debt markets, the virtues of transparency are partially offset by its costs, writes Mark Weidemaier. Without an international regulator or bankruptcy court, opacity sometimes advances the public interest, including by helping financially distressed governments protect assets.

COLUMNS

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The publication of the Stigler Center at The University of Chicago Booth School of Business

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.