The Information Economy


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

Can Investigative Journalism Be Profitable? France’s Mediapart Shows That It Can Be

Is investigative journalism a private or public good? A new Stigler Center case study focuses on the success of French online news website Mediapart...

PwC and the Oscars: When Auditors Take Investors to La La Land

PwC suffered an enormous blow to its reputation following the Oscars because the ceremony is highly visible and the failure was simple to understand. But the accounting giant has experienced many blunders in the last...

Reader Survey: ProMarket Celebrates Its One-Year Anniversary

As ProMarket enters its second year of operation, we would like to understand what you, our readers, have liked about our blog and what...

The Role of Narratives in Economics

Narratives are vectors of ideas. Nobel laureate Robert Shiller suggests that in the age of social information networks, economists need to rethink how and...

Last Few Days to Apply to the Stigler Center’s Fellowship Program for Journalists

This 10-week program, which will take place in Chicago Booth’s Hyde Park Campus, will offer a transformative learning experience for up-and-coming journalists seeking to...

The ProMarket Monthly Roundup

The first edition of our monthly roundup that includes ProMarket posts from the previous month, as well as interesting stories from our “Weekly Briefing” section. The...

Alan Rusbridger is Gone from The Guardian, But Is There Still a Business Model for Independent Journalism?

Many people like to think of media as another market where competition drives innovation, quality, and integrity. But this is not always the case. The following...

Are Newspapers Captured by Banks? Evidence From Italy

The inaugural piece of a new ProMarket mini-paper series. Preamble In the intellectual debate there is a gap between academic papers and policy opinions, even those...

Alan Rusbridger: “The Level of Scrutiny That the Press Would Apply to its Own Failures is Minimal”

ProMarket interview: Alan Rusbridger, former editor-in-chief of The Guardian, on media capture. In 2003, Rebekah Wade (now Brooks), the former editor of the British tabloid...

What Makes M&A Reporters More Accurate?

A study by Kenneth R. Ahern and Denis Sosyura ranks M&A reporters based on their accuracy. Rumors and speculation have always been a part of...

Latest news

Creation over Time in Copyright and Patent

On May 18, the United States Supreme Court decided two intellectual property cases with two seemingly different results. A closer look, however, reveals a complimentary concern with the monopolistic power of first movers and how the legal system should enable innovation from second movers over time, writes Randy Picker.

ESG Standards’ Good, Bad and Ugly

The Stigler Center for the Study of the Economy and the State hosted a virtual event discussing the standards, metrics and disclosures of investments focused on Environmental, Social and Governance (ESG) goals. The following is a transcript of the event.


Lee Hepner and William J. McGee respond to Clifford Winston’s ProMarket piece asserting that further deregulation of the airline industry would resolve problems in the industry. Instead, the authors claim a return to regulation would produce better results for travelers.

A World With Far Fewer Mergers

Brooke Fox and Walter Frick analyze research and ideas presented at the Stigler Center Antitrust and Competition Conference that question the value of mergers.

The Banking Risks of Central Bank Digital Currencies

The implementation of central bank digital currencies as the primary medium of exchange would exacerbate the flaws of our current fiat system which encourage banks to overextend credit and create liabilities that they cannot redeem. This will worsen the already recurring cycles of financial crises, writes Vibhu Vikramaditya.

The Whig History of the Merger Guidelines

A pervasive "Whig" view of United States antitrust history among scholars and practitioners celebrates the Merger Guidelines' implementation of increasingly sophisticated economic methods since their...

Algorithmic Collusion in the Housing Market

While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.