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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Big Tech

Zero Rating Is The Free Sample In The Internet Ice Cream Store

Roslyn Layton
Why ban competitive offers in the online world when they’re allowed offline? Big tech wants plain vanilla broadband pricing because it forecloses platform competition.
Antitrust and Competition

Address Algorithmic Collusion with Compliance by Design

Daryl Lim
Daryl Lim explains that while there is some evidence that pricing algorithms facilitate collusion, there are reasons to be skeptical of their effectiveness. Lim advocates for compliance by design: firms should create algorithms that don’t collude on price, comply with reporting their algorithms transparently, and know that they will be held responsible for the actions the algorithm takes.
Antitrust and Competition

Illumina/Grail: Using the Future Markets Model To Ask the Right Question

Lawrence B. Landman
Grail and its competitors are developing tests which will save perhaps millions of lives. They will detect many different types of cancer very early—if they ever exist. All these tests need Illumina’s instruments. The FTC, reversing an administrative law judge, said Illumina could not buy Grail. If it did, the FTC said, it would not let Grail’s competitors use its instruments. Illumina has appealed, saying, among other things, that since the tests do not exist there is, for antitrust purposes, currently no market.  Yet while the tests may or may not exist in the future the Fifth Circuit has to decide this case now.
Commentary

Anti-ESG Legislation is Demonstrating the Peril of Meddling in Markets

Jennifer J. Schulp
Anti-ESG rhetoric from conservative states conflates valid financial evaluations of company and industry prospects with the ideological values of political opponents. Politicians that pass legislation preventing businesses and state agencies from working with financial services with ESG standards will only harm their constituents. Instead, states should encourage competition and variety in financial services, writes Jennifer J. Schulp.
Antitrust and Competition

Was Microsoft’s “Polluted Java” a presumptively legal improved product design?

Joshua Gray
Section 2 defendants often interpret the holdings of the United States Court of Appeals for the District of Columbia in U.S. v Microsoft Corp...
Antitrust and Competition

The Classic Theory of Albert O. Hirschman Argues Against the US Chamber’s Case for Non-Competes

Brian Callaci
Drawing on the theory of Albert O. Hirschman’s  Exit, Voice, and Loyalty, Brian Callaci argues non-compete clauses stifle the important channels of communication between employees and businesses necessary for improving firm competitiveness. The evidence also shows that, despite claims from businesses, non-competes harm rather than reward employees for their loyalty. 
Antitrust and Competition

Creation over Time in Copyright and Patent

Randy Picker
On May 18, the United States Supreme Court decided two intellectual property cases with two seemingly different results. A closer look, however, reveals a complimentary concern with the monopolistic power of first movers and how the legal system should enable innovation from second movers over time, writes Randy Picker.
Commentary

Reregulate.

Brooke Fox
Lee Hepner and William J. McGee respond to Clifford Winston’s ProMarket piece asserting that further deregulation of the airline industry would resolve problems in the industry. Instead, the authors claim a return to regulation would produce better results for travelers.
Commentary

The Banking Risks of Central Bank Digital Currencies

Vibhu Vikramaditya
The implementation of central bank digital currencies as the primary medium of exchange would exacerbate the flaws of our current fiat system which encourage banks to overextend credit and create liabilities that they cannot redeem. This will worsen the already recurring cycles of financial crises, writes Vibhu Vikramaditya.
Antitrust and Competition

The Whig History of the Merger Guidelines

Eric A. Posner
A pervasive "Whig" view of United States antitrust history among scholars and practitioners celebrates the Merger Guidelines' implementation of increasingly sophisticated economic methods since their inception in...
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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.