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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

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.
Antitrust and Competition

The Antitrust Agencies’ Focus on Monopolization Claims Against Big Tech Dilutes the Meaning of Monopoly

Herbert Hovenkamp
The various antitrust complaints the Department of Justice and the Federal Trade Commission have brought against Google, Amazon, and Facebook are based on monopolization claims under Section 2 of the Sherman Act. Herbert Hovenkamp explains why the government should also  have relied on Section 1 of the Sherman Act and Section 7 of the Clayton Act to support their Big Tech cases.
Commentary

Why Musk Is Right About OpenAI

Luigi Zingales
Luigi Zingales argues that Elon Musk is right to sue OpenAI and CEO Sam Altman, given the economic principles at stake.
Antitrust and Competition

Refuting the Myths Defending the JetBlue-Spirit Merger

William J. McGee
For the first time in decades, the Department of Justice filed suit against an airline merger—and won. William McGee argues that the next fight is correcting false assertions concerning JetBlue and Spirit for the sake of future potential mergers, such as one between Alaskan and Hawaiian Airlines.
Capture

What Have The Consultants Ever Done For Us?

Tommaso Valletti
Tommaso Valletti argues that economic consultants have made little meaningful contribution to antitrust policy and enforcement over the past 20 years—despite their assertions of bringing academic insights to practice. Valletti calls for more critical scrutiny of consultants' biased economic analyses by antitrust authorities and courts, as well as greater use of structural presumptions in merger review.
Antitrust and Competition

Taking Stock of Google’s Antitrust Troubles as the World Turns Against It

Christian Bergqvist
Christian Bergqvist has identified 100-plus antitrust cases against Google spanning 23 jurisdictions and classifies them by the service in question and its alleged harms. Most of these fall within eight groups. Bergqvist’s analysis provides a picture of recent shifts in antitrust enforcers’ regulation of Big Tech and the potentially transformative consequences for Google and the entire tech industry.
Antitrust and Competition

Why Was JetBlue-Spirit Blocked and What Does it Mean for the Airline Industry?

Hubert Horan
A federal judge recently blocked the proposed merger of JetBlue and Spirit airlines on antitrust grounds, reversing antitrust enforcers’ recent history of waving through airline industry consolidation. However, while this decision affirms that mergers designed to reduce competition and raise prices violate antitrust law, it comes too late to undo the damage from 15 years of lax enforcement that allowed radical consolidation in the airline industry.
Antitrust and Competition

Big Business’ Influence in the Decline of Antitrust Enforcement

Eric A. Posner
Why has antitrust enforcement declined in the United States since the 1970s? Is it due to the preferences of voters, business influence, or an alternative explanation altogether? In this symposium, Jonathan Baker, Eleanor Fox, and Herbert Hovenkamp discuss the findings of Filippo Lancieri, Eric Posner, and Luigi Zingales’ new paper, “The Political Economy of the Decline of Antitrust Enforcement in the United States.” In this article, Posner responds to the discussants' critiques and comments.
Capture

Young People Are Shunning the Accounting Profession. The 150-Hour Rule Is Responsible

Ray Ball
The supply of accountants in the United States is in serious decline due to the American Institute of Certified Public Accountants’ decision in 1988 to raise entry requirements. Ray Ball argues that the rule change did not improve the quality or productivity of newly licensed accountants, but instead reflected the incentives of the Institute’s members to reduce entry to increase their own salaries.
Antitrust and Competition

Fans Last? How the Fans First Act Hands Live Nation-Ticketmaster More Market Power

Diana L. Moss
The Senate has introduced two bills to address ticketing transparency and competition in the live events industry. While the bills followed on the heels of Live Nation-Ticketmaster’s mishandling of the Taylor Swift Eras Tour, the problems go back much further. Diana Moss argues that the most recent bill, the Fans First Act, while well-intentioned, risks undermining competition by hamstringing the resale market, which will only strengthen Ticketmaster’s monopoly.
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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.