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Antitrust and Competition

A key distinction in economic viewpoints that goes oft-unnoticed is between pro-business and pro-market. A good bellwether to where someone stands on the pro-business/market continuum is his/her stance on antitrust policy: pro-business usually favors incumbents, while pro-market calls for aggressive antitrust enforcement to facilitate competition.
“I would not dispute that even a monopoly-ridden market would be preferable to any economic system trying to operate without any kind of a market. But given the prevalence or the danger of substantial intrusion of monopoly into the market, the logic of the laissez faire defense of the market against state-intervention collapses and there is called for instead, by its very logic, state-suppression or state-regulation of monopoly practices, which one may wish to call, as Henry Simons called it, an instance of “positive laissez faire” or, as I prefer, as an instance of deliberate departure from laissez faire.” Jacob Viner – The Intellectual History of Laissez Faire (1960)

Academic Capture

How Tech Giants Make History

Richard John
Richard R. John recounts how in the twentieth century the once-mighty Bell System, whose descendants include today’s Verizon and AT&T, waged a powerful decades-long public relations campaign, including the funding of history books and research centers, to persuade the public that its success rested in technological imperatives and economic incentives rather than a favorable regulatory landscape. Though the Bell PR campaign failed to stop three highly effective antitrust suits, it succeeded in establishing a story about management, competition, and innovation that many Americans—including several of today’s Big Tech critics—have uncritically repeated.
Antitrust and Competition

The US Is Not Prepared for the AI Electricity Demand Shock

Barak Orbach
The United States power grid is increasingly strained by the surging electricity demand driven by the AI boom. Efforts to modernize the power infrastructure are unlikely to keep pace with the rising demand in the coming years. Barak and Eli Orbach explore why competition in AI markets may create an electricity demand shock, examine the associated social costs, and offer several policy recommendations.
Antitrust and Competition

What Is an Effective Remedy in the Google Search Case?

Steven Salop
Steve Salop explores the basis for warranting strong remedies in the Google Search case and the set of remedies Judge Amit Mehta might consider for restoring competition in the search market by jump-starting the competitive process.
Antitrust and Competition

How Loper Bright and the End to the Chevron Doctrine Impact the FTC

Douglas Ross
Douglas Ross writes that for most of its history, the Federal Trade Commission did not rely on the Chevron doctrine to enforce its mandate to prohibit “unfair methods of competition” and “unfair or deceptive acts or practices.” Thus, Loper Bright will not significantly alter the FTC’s historical role in regulating competition. However, the Chevron doctrine could have been a useful ally to the current FTC, which under Chair Lina Khan has pursued more ambitious rulemaking, such as to ban noncompete clauses. Without the Chevron doctrine, the FTC will face a more arduous path to defending its new rules as they are challenged in the courts.
Antitrust and Competition

Taking Stock of EU’s Case Against Google Shopping Before Final Ruling

Christian Bergqvist
On September 10, the highest judicial authority in the EU, the Court of Justice, will rule on Google Shopping, closing a case opened 15 years ago and instrumental in changing the narrative on Big Tech. Christian Bergqvist summarizes the history of Google Shopping and discusses its possible outcomes.
Antitrust and Competition

The Case for Vigilance in AI Markets

Stacey Dogan
Stacey Dogan writes that antitrust regulators in the United States and Europe are right to investigate Big Tech-AI partnerships. Even if AI markets remain competitive today, history and economics show that the Big Tech companies will push to monopolize segments of the AI market if given the opportunity. The investigations serve as a deterrent against anticompetitive behavior and give the regulators access to the knowledge and information that will be necessary to detect anticompetitive patterns as the AI market matures.
Antitrust and Competition

How Big Tech’s AI Startup Alliances Could Harm Competition

John B. Kirkwood
John B. Kirkwood explains six ways in which Big Tech’s alliances with AI startups could harm competition, making clear that the antitrust agencies have good reasonto monitor and investigate them.
Antitrust and Competition

Big Tech Investments in AI Startups Do Not Raise Competitive Red Flags

Vivek Ghosal
Vivek Ghosal reviews the data, economics, and market conditions of the growing artificial intelligence market and finds that it is quite dynamic in terms of evolving partnerships and firms, and is relatively competitive. Thus, Big Tech investments into AI startups do not warrant investigation by the government at this time.
Antitrust and Competition

The Deals That Will Hamper Competition in AI Markets

Matt Perault
Matt Perault writes that there is little indication that Big Tech investments in artificial intelligence startups are harming competition. In fact, the opposite is likely true. Antitrust regulators should instead focus their attention on the real threat to AI competition: rules and regulations that will make it harder for startups that to compete with large tech companies.
Antitrust and Competition

What Does the Google Antitrust Decision Mean and Where Will It Take Us?

Erik Hovenkamp
Erik Hovenkamp reviews the findings of Judge Amit Mehta’s ruling against Google for monopolizing the internet search market and discusses what the case will mean for the other ongoing Big Tech cases and the future of antitrust.
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The publication of the Stigler Center at The University of Chicago Booth School of Business

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.