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Book Reviews

How I Stopped Worrying and Learned to Love the Minimum Wage

Matthew Lucky
Matt Lucky reviews The Wage Standard: What’s Wrong in the Labor Market and How to Fix it by Arindrajit Dube, now out at Penguin Press.
Antitrust and Competition

The Shortcomings of Merger Policy Based on the Herfindahl-Hirschman Index

Eric Dunaway, Ana Espinola-Arredondo and Felix Munoz-Garcia
In new research, Eric Dunaway, Ana Espinola-Arredondo, and Felix Munoz-Garcia examine the Herfindahl-Hirschman Index (HHI) as a tool for merger review and show where it diverges from the consumer-surplus and total-welfare standards. In particular, the HHI fails to account for potential efficiency gains.
Democracy

Rule of Law Backsliding May Not Hurt Trade—And Why That’s a Problem

Janka Deli
In new research, Janka Deli analyzes the relationship between the decline in the rule of law and trade. Contrary to democratic and developmental theory, she finds that declines in the rule of law, as seen in Hungary, Poland, and Czechia, do not lead to systematic reductions in trade with other EU partners.  
Race and Gender

How Race Shapes Americans’ Views of Fairness and Trade

Daniel Lobo and Ryan Brutger
In new research, Daniel Lobo and Ryan Brutger theorize that American concepts of fairness are shaped by race and lived experiences. In a national survey experiment, they confirm that white and Black Americans view differently what constitutes “fair” trade policy.
Culture & Society

Happiness Among Americans Plummeted During Covid. It Has Not Recovered Since

ProMarket writers
In new research, Sam Peltzman finds that Americans are significantly less happy than they were before Covid-19, even with the pandemic now in the rearview mirror. Those groups that had fared the best before Covid—white Americans, the wealthiest, college educated, and Republicans—were hit the hardest.
Antitrust and Competition

The Warner Bros. Discovery Bidding War Shows Antitrust Enforcement Still Works

Sean D. Reyes
Antitrust agencies were right to suspect that Netflix’s bid for Warner Bros. Discovery would have harmed consumers, content creators, and rival streaming platforms. They needed the consumer welfare standard to show how, writes Sean D. Reyes.

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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.