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The Equitable Economy

Antitrust and Competition

Swedish Workers Lose Out In M&A Even When CEOs Gain

Jakob Beuschlein
Summary Teaser: In a new working paper, Jakob Beuschlein, Jósef Sigurdsson, and Horng Chern Wong find that workers at acquired firms in Sweden experience wage cuts. Rather than from the increased monopsony power of employers, these wage cuts are due to rent redistribution toward higher CEO pay.
Book Excerpts

The Story of Labor Specialization Is a Bit More Complicated

Michelle Jackson
The following is an excerpt from “The Division of Rationalized Labor” by Michelle Jackson, now out at Harvard University Press. 
Antitrust and Competition

States Are Reshaping the Noncompete Landscape Even as a Federal Ban Disappears

Norman Bishara
In new research, Norman Bishara and Lorenzo Luisetto analyze the nature and proliferation of state legislative activity to regulate noncompete agreements since 2009. In the absence of a federal rule, these developments represent a promising step toward curbing the abuse of noncompete agreements.
Book Excerpts

The Politics of the Status Quo

Rory McVeigh
The following is an excerpt from “Politics and Privilege: How the Status Wars Sustain Inequality” by Rory McVeigh, William Carbonaro, Chang Liu, and Kenadi Silcox, now out at Columbia University Press. 
Antitrust and Competition

Novo Nordisk’s Offer To Acquire Metsera Constitutes Attempted Monopolization

Hannah Pittock
Hannah Pittock uses weight-loss company Novo Nordisk’s offer to acquire Metsera to create a three-prong framework by which the antitrust agencies can identify when an invitation to exclude a rival from a market constitutes illegal exclusionary conduct under Section 2 of the Sherman Act.
Commentary

Why the Controversy Behind ExxonMobil’s New Retail Voting Program?

Andy Shi
ProMarket Managing Editor Andy Shi reviews the controversy behind ExxonMobil’s new voting program and how it falls into the broader debates over recent developments to shareholder democracy and corporate governance.
Commentary

The Economics of Zohran Mamdani

Nikolaos Chatzarakis
Nikolaos Chatzarakis reviews some of the key economic platforms of New York City Mayor-elect Zohran Mamdani. He argues that Mamdani’s platform is ambitious but not unrealistic, and that criticisms of it often rely on simplistic models and theory. Still, there remain areas for improvement.
Antitrust and Competition

Novo Nordisk’s Killer Non-Acquisition Merger Contract Proposal Is a Case of “Heads I Win, Tails You Lose”

Steven Salop
Steve Salop explores the anticompetitive innovation behind weight-loss giant Novo Nordisk’s offer to acquire Metsera. Novo’s proposed contract presents a new tactic by which firms with market power can preclude rival mergers that will lead to procompetitive entry.
Commentary

How the Law Protects and Promotes Corporate Misconduct

Jennifer Taub
Corporate crimes like fraud continue unabated in the United States. Jennifer Taub defines a chief reason as “accountability theater,” or the propensity of government prosecutors to pursue out-of-court civil settlements rather than criminal trials that, though they might lose them, would publicize the extent of corporate misconduct and better deter future abuse.
Commentary

Will Trump’s Drug-Pricing Order Reduce Prices for Americans?

Margherita Colangelo
President Donald Trump has, across two administrations, sought to lower drug prices for Americans, most recently with executive order “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients.” Margherita Colangelo explains why his order is unlikely to accomplish its goal.
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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.