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Media

Effective media scrutiny can help mitigate many of the problems that lead to regulatory capture, by helping the polity to become informed and mobilized. But what are the conditions that create effective media scrutiny? And why do we observe so little of it in reality? “Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.” Justice Louis D. Brandeis

Big Tech

How Big Tech Uses Net Neutrality To Subvert Competition

Roslyn Layton
A decade of evidence suggests that Open Internet policies have delivered the opposite effect.
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Book Excerpts

How Financial Experts Convince You That They’re the Experts

Alex Preda
In The Spectacle of Expertise: Why Financial Analysts Perform in the Media, Alex Preda explores how financial analysts produce their advice and...
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Commentary

What Are The Media For?

Surya Gowda
In response to ProMarket's debate about the Twitter Files and the roles of social media and traditional media, Surya Gowda argues that...
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Big Tech

The Wicked Problem Embodied by The Twitter Files

Tom Ginsburg
In response to a recent ProMarket post about the Twitter Files, professor Tom Ginsburg points out that the toughest question lies in...
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Media

Kyiv Independent Editor-in-Chief: “Leaving Ukraine is the Last Thing I Would Want To Do”

Brooke Fox
The editor-in-chief of the Kyiv Independent speaks with FT journalist Edward Luce in an exclusive video interview covering the challenges of her...
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Media

Chart of the Week: Most News in Russia is Government-Owned or Influenced

Brooke Fox
Of 3.9 million Russian news articles studied, 77 percent were from either a government-owned or government-influenced outlet.
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Antitrust and Competition

How Big Media Handed Digital Advertising to Big Tech

Oles Andriychuk
The current structure of digital advertising markets makes the Google-Facebook duopoly an unavoidable trading partner for every party in the content consumption...
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Media

Announcing the Participants in the Spring 2022 Stigler Center Journalists in Residence Program

ProMarket writers
Next month, the Stigler Center will welcome eight world-class journalists from Nigeria, Brazil, Chile, Italy, India, Canada, and the United States for...
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Antitrust and Competition

The Best Political Economy Books of 2021

Asher Schechter
A scholarly examination of market’s power toll on American workers, the collected works of a pioneering economic thinker, an ambitious narrative of...
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Media

The Present and Future of Journalism: How the News Media Lost Its Purpose

Martin Gurri
At a time of information overabundance, journalism has lost its purpose. Newspapers, traditionally the keepers of journalistic flame, are going away. What...
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Antitrust and Competition

How US Antitrust Enforcement Against Xerox Promoted Innovation by Japanese Competitors

Robin Mamrak
Xerox invented modern copier technology and was so successful that its brand name became a verb. In 1972, U.S. antitrust authorities charged Xerox with monopolization and eventually ordered the licensing of all its copier-related patents. As new research by Robin Mamrak shows, this antitrust intervention promoted subsequent innovation in the copier industry, but only among Japanese competitors. Nevertheless, their innovations benefited U.S. consumers.
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Antitrust and Competition

Revising the Merger Guidelines To Return Antitrust to a Sound Economic and Legal Foundation

John Kwoka
The draft Merger Guidelines largely replace the consumer welfare standard of the Chicago School with the lessening of competition principle found in the 1914 Clayton Act. This shift would enable the Federal Trade Commission and Department of Justice Antitrust Division to utilize the full extent of modern economics to respond to rising concentration and its harmful effects, writes John Kwoka.
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Economic History

How Anthony Downs’s Analysis Explains Rational Voters’ Preferences for Populism

Cyril Hédoin, Alexandre Chirat
In new research, Cyril Hédoin and Alexandre Chirat use the rational-choice theory of economist Anthony Downs to explain how populism rationally arises to challenge established institutions of liberal democracy.
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Antitrust and Competition

The Impact of Large Institutional Investors on Innovation Is Not as Positive as One Might Expect

Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, Anna Toldrà-Simats
In a new paper, Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, and Anna Toldrà-Simats study how large institutional investors impact firm innovation. The authors find that large institutional investors encourage internal research and development but discourage firm acquisitions that would add patents and knowledge to their firms’ portfolios, hampering overall innovation.
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Antitrust and Competition

The FTC Needs To Focus Arguments on Technological Transitions After High-Profile Losses

Joshua Gray, Cristian Santesteban
Joshua Gray and Cristian Santesteban argue that the Federal Trade Commission's focus in Meta-Within and Microsoft-Activision on narrow markets like VR fitness apps and consoles missed the boat on the real competition issue: the threat to future competition in nascent markets like VR platforms and cloud gaming.
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Commentary

We Need Better Research on the Relationship Between Market Power and Productivity in the Hospital Industry

David Ennis
Antitrust debates have largely ignored questions about the relationship between market power and productivity, and scholars have provided little guidance on the issue due to data limitations. However, data is plentiful on the hospital industry for both market power and operating costs and productivity, and researchers need to take advantage, writes David Ennis.
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Antitrust and Competition

Debating the Draft Merger Guidelines: Transcript

ProMarket writers
On September 7, the Stigler Center hosted a webinar to discuss the draft merger guidelines. What follows is a slightly edited transcript of the event.
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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.

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