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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)

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.
Antitrust and Competition

The European Commission Fines Apple 1.84 Billion Euros and Spotify Still Isn’t Happy

Randy Picker
The European Commission has fined Apple for abusing its App Store. The Commission did not mention Spotify, but the fine appears to answer the music streaming platform’s complaint that Apple’s App Store fees to developers are too high. But now that Spotify has seen Apple’s new approach under Europe’s new Digital Markets Act, Spotify is still unhappy, highlighting the flaws of Spotify’s original complaint and the Commission’s fine, writes Randy Picker.
Commentary

Should the US Banking Crisis of 2023 Be a Footnote?

Viral V Acharya
The 2023 banking crisis that took down four banks, including Silicon Valley Bank, by all appearances appears to have been resolved by public intervention. Yet, Viral Acharya and Raghuram Rajan argue, this leaves many of the underlying weaknesses that contributed to the bank failures unaddressed. Moreover, while the authorities’ temporary fixes have stopped the panic, the system will have to absorb more unrecognized losses over time.
Commentary

Who Will Enforce AI’s Social Purpose?

Roberto Tallarita
Elon Musk recently sued OpenAI over claims that the company has strayed from its social mission and has instead focused on profit maximization. Roberto Tallarita examines how Musk’s lawsuit shows well-intentioned corporate planners how hard it is to commit to an effective and enforceable social purpose and warns policymakers that relying on corporate self-regulation of AI could be a fatal mistake.
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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.