Herbert Hovenkamp

Herbert Hovenkamp is the James G. Dinan University Professor, Penn Law and the Wharton School, University of Pennsylvania. He is a Fellow of the American Academy of Arts and Sciences, and in 2008 won the Justice Department’s John Sherman Award for lifetime contributions to antitrust law. His legal history writing includes The Opening of American Law: Neoclassical Legal Thought, 1870-1970 (Oxford, 2015); Enterprise and American Law, 1836-1937 (Harvard, 1991). His principal antitrust scholarship includes Antitrust Law (with the late Phillip E. Areeda and the late Donald F. Turner, 1978-2020).

Can The Robinson-Patman Act Be Salvaged?

Adding to ProMarket’s discussion of the Robinson-Patman Act, Herbert Hovenkamp argues that – among other issues– the law was captured by special...

When Rhetoric Confronts Economic Reality: Unsupported Efficiency Claims and Unenforceable Promises Cannot Save the Book Publishers Deal

In trying to get their merger approved, Penguin and Simon & Schuster claimed massive, but unverified cost savings. They also have promised...

The Corruption of Consumer Welfare

The consumer welfare standard is used in modern antitrust enforcement to evaluate a merger between two firms. However, its original definition was...

Are Monopolists or Cartels the True Source of Anticompetitive US Political Power?

Trade associations are often the biggest obstacles to competitive markets, especially when those organizations use their influence to change public policy in...

A Posner-Stigler Smoking Gun?

A memo from George Stigler and Richard Posner to the Reagan administration was recently unearthed. To understand the meaning behind the memo,...

The Sherman Act and Abuse of Dominance in the Age of Networks

In order to be more effective in networked markets, the US should adopt a version of the EU’s “abuse of dominance” standard...

Antitrust and the FTC: Franchise Restraints on Worker Mobility

As currently formulated, antitrust’s rule of reason approach is not the best tool to deal with vertical noncompete agreements that limit worker...

How Will the FTC Evaluate Vertical Mergers?

The Federal Trade Commission’s recent withdrawal of its 2020 vertical merger guidelines is flatly incorrect as a matter of microeconomic theory and...

The DOJ’s “New Madison” Doctrine Disregards Both the Economics and the Law of Innovation

DOJ’s “New Madison” approach to antitrust and intellectual property law dictates that antitrust should stay out of disputes over patents, even when...

Why the FTC Antitrust Case Against Facebook Was Dismissed

Many of the problems with the FTC complaint against Facebook that was dismissed in court last month appear to be fixable. However,...

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Stakeholder Motivations for “Private Sanctions” Against Russia

As the war in Ukraine enters its second year, a new study measures stakeholders’ desire to see their firms exit Russia and...

The Wicked Problem Embodied by The Twitter Files

In response to a recent ProMarket post about the Twitter Files, professor Tom Ginsburg points out that the toughest question lies in...

Study Shows Universal Bank Trades Are Informed by Private Commercial Borrower Information

New research by Rainer Haselmann, Christian Leuz, and Sebastian Schreiber finds evidence suggesting that German banks with commercial lending relationships improve their...

Industrial Policy Is a Seductive Mirage

Industrial policy was once so out of fashion that it was jokingly called “the policy that shall not be named.” Now it’s...

Antitrust Deregulation is Undermining Innovation

A 2000 amendment to the Hart-Scott-Rodino Act made it easier for firms to merge without notifying US antitrust authorities. In new research,...

The Real Danger of the Twitter Files

The Editor-in-chief of the Italian news publication Domani shares his concerns about what's been left out of the controversial Twitter Files conversation...

How Do Cultural Stereotypes Spread Through Multinational Banks?

In new research, Barry Eichengreen and Orkun Saka find that trust, shaped by cultural stereotypes, partially determines how multilateral banks decide which...