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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)

Academic Capture

TI’s Calculator Monopoly Offers Lessons for Educators in the Age of Generative AI

Barak Orbach
Texas Instruments’ TI-84 calculator has been the standard graphing calculator for American students for twenty years, despite its high cost and lack of innovation. Barak and Eli Orbach explore how Texas Instruments created its entrenched calculator monopoly and the lessons it offers educators as they grapple with the emerging possibilities of artificial intelligence in the classroom.
Commentary

Michael C. Jensen Tribute

Eugene F. Fama
Nobel Laureate Eugene F. Fama pays tribute to economist Michael C. Jensen, who recently passed. Fama reminds us of Jensen’s unmatched career as a researcher and founder of the Journal of Financial Economics and SSRN.
Antitrust and Competition

Using Economics To Diagnose a Lessening of Competition

Carl Shapiro
Carl Shapiro discusses the central role of economics in merger review under Section 7 of the Clayton Act. Shapiro traces the evolution of merger law in response to advances in Industrial Organization economics over the past 50 years, highlighting how economic concepts and analysis are indispensable for predicting the likely competitive effects of proposed mergers.
Commentary

Industrial Policy Is a Verb

Kartik Akileswaran
Critics of industrial policy claim that state interventions into the market lead to inefficient subsidies, protectionism, or the “picking of winners.” Kartik Akileswaran and Rohan Sandhu argue that when industrial policy is instead viewed as an iterative, dynamic process between the private and public sectors, and undergirded by the state's capacity to play this role,  it leads to a more sophisticated understanding of industrial policy’s manifold historical manifestations and benefits.
Antitrust and Competition

Consumer Welfare Will Determine the Outcome of the Apple Lawsuit

Herbert Hovenkamp
At the heart of the government’s lawsuit against Apple is if the tech company’s practices of tying and refusing to deal truly enhance the performance and security of the iPhone and its ancillary services. The complaint indicates that the outcome of the case will be determined by the consumer welfare standard, writes Herbert Hovenkamp.
Antitrust and Competition

Does Apple Stifle or Promote Innovation?

Maurice E. Stucke
The answer is both. How so? The recent antitrust complaint against Apple heralds a pivotal shift in understanding the influence of tech giants on innovation in the digital realm. This article highlights three key takeaways. 
Antitrust and Competition

The DOJ Seeks To Unbundle Apple’s Core

Randy Picker
Randy Picker reviews the context of the Department of Justice’s lawsuit against Apple and the questions of merit and the competitive obligations of dominant firms driving the case.
Antitrust and Competition

At Stake in the Apple Case Is Foregone and Future Innovation

Fiona Scott Morton
Fiona Scott Morton provides her initial thoughts on the Department of Justice’s lawsuit against Apple, how it compares to current and past tech cases, and the arguments she anticipates each side will make.
Commentary

Henry Simons And The Libertarian Night Watchman As Tax Collector

Daniel Shaviro
Henry Simons, one of the fathers of Chicago economics, advocated for libertarian policies promoting free markets as well as wealth redistribution through highly progressive income taxation, reflecting his belief that concentrations of private economic power were as threatening to liberty as centralized government power. Daniel Shaviro demonstrates that, for Simons and other early to mid-20th century libertarian thinkers, including Milton Friedman and George Stigler, policies promoting economic equality might be seen as complementary to, rather than conflicting with, support for free market capitalism and limited government intervention.
Antitrust and Competition

What Is the Role of Economics in Merger Review?

Eric A. Posner
Eric Posner discusses why many antitrust professionals believe the law follows economic interpretation, despite the absence of economics in the relevant statutes. He argues that antitrust laws themselves have been resistant to adopting a coherent "economic theory" approach, leading to a tension between the economic views of agencies and academics versus the legal interpretations taken by courts.
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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.