Max Miller
Max Miller is a PhD Candidate in Finance at the Wharton School of the University of Pennsylvania. He will join the Harvard Business School as an Assistant Professor of Finance in the summer of 2023. His research lies at the intersection of finance, macroeconomics, and political economy, aiming to combine insights from asset pricing to improve our understanding of public policy and political institutions. Prior to his PhD program at Wharton, Max worked as a research assistant at the Federal Reserve Board of Governors and earned his BBA from Emory University's Goizueta Business School.
Money in Politics
Foreign Influence Benefits Foreign Firms and Governments but the Benefits to Americans Are Less Decided
In new research, Marco Grotteria, Max Miller, and S Lakshmi Naaraayanan create and analyze a dataset of more than 12,000 FARA filings to investigate the drivers and outcomes of foreign lobbying of U.S. legislators. Their findings can help inform new laws and regulations that improve government transparency and prevent the more nefarious effects of foreign lobbying.
Income Inequality
Inequality Has Increased Far Less Than You Think (If You Consider Social Security Benefits)
In the United States, Social Security accounts for nearly 60 percent of the total wealth of the bottom 90 percent. Once Social Security is...
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Book Excerpts
The Chicago Boys and the Chilean Neoliberal Project
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
Antitrust and Competition
Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
Democracy
Getting Partisans To Listen to One Another Can Reduce Political Polarization
In new research, Guglielmo Briscese and Michèle Belot find that reminding Americans of shared values can open lines of communication and help reduce political polarization.
Antitrust and Competition
The State of The Debate on U.S. Antitrust and Competition
This year’s Stigler Center conference on antitrust and competition invited scholars to propose alternatives to the consumer welfare standard.
Antitrust and Competition
The Impact of Algorithms on Competition and Competition Law
Antonio Capobianco, the deputy head of the OECD Competition Division and one of the authors of the 2023 OECD report on algorithmic competition and collusion, explains the risks that algorithms and artificial intelligence pose to competition and how regulators can approach the changing competition paradigm.
Antitrust and Competition
Rivals’ Exit Should Be Incorporated into the Guidelines for Vertical Merger Evaluation
An exit-inducing vertical merger might reduce welfare even if it is a welfare-enhancing vertical merger absent exit. Therefore, the possibility for rivals’ exit should be incorporated into the guidelines for vertical merger evaluation, write Javier D. Donna and Pedro Pereira in new research.
Book Excerpts
The Business of Colonialism
In his new book, Empire Incorporated, Philip Stern argues that corporations drove the global expansion of the British Empire rather than provide...
