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André Kurmann, Etienne Lalé and Julien Martin

Trade Wars Have Kept Canadian Tourists Away and Cost Americans Jobs

Trade wars between the United States and Canada have sharply reduced the number of Canadian tourists traveling to the U.S. In new research, André Kurmann, Étienne Lalé, and Julien Martin use novel methods to measure how this decline in tourism has negatively impacted American workers and communities.

COMMENTARY

How the Professionalization of College Sports Changed Who Wins

Diana L. Moss
The House v. NCAA private antitrust settlement professionalized collegiate sports by requiring colleges and universities to compensate student athletes. The case has changed the economics of college sports, pushing schools to spend big to pay for top athletes to field teams that compete for championships. New research from the Progressive Policy Institute finds that although the new model has narrowed success to the top programs, the ability for schools to pay for success has now been mostly priced in, writes Diana L. Moss.

RESEARCH

Rule of Law Backsliding May Not Hurt Trade—And Why That’s a Problem

Janka Deli
In new research, Janka Deli analyzes the relationship between the decline in the rule of law and trade. Contrary to democratic and developmental theory, she finds that declines in the rule of law, as seen in Hungary, Poland, and Czechia, do not lead to systematic reductions in trade with other EU partners.  
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Regulation

Federal Agency Independence Is in Jeopardy. Right When It Has Started to Matter

Cree Jones, Tyler Lindley and Thomas Smith
In new research, Cree Jones, Tyler B. Lindley, and Thomas Smith investigate how restrictions on the president to remove independent agency officials affect agency behavior. Such restrictions have historically had surprisingly little effect. However, recent political polarization has drastically increased the importance of removal restrictions in blocking political influence.
Commentary

Market Failure, Not Technology, Is Slowing the Green Transition

Piergiuseppe Fortunato and Verena Hitner Barros
The green transition is faltering in both advanced and developing economies. While politics and market risk is stalling private investment in clean energy in advanced economies, an imbalanced global value chain is preventing investment in clean energy in developing countries, write Piergiuseppe Fortunato and Verena Hitner Barros.
Commentary

Chinese Car Exports to the EU Exemplify the Role of Data and IP in Trade Relations

Oscar Borgogno and Giovanni Veronese
Chinese automotive manufacturers gain a competitive edge through laxer rules governing personal data protection and intellectual property. Oscar Borgogno and Giovanni Veronese argue that ensuring effective compliance with European law could help European manufacturers re-establish a level playing field while upholding EU constitutional values.
Antitrust and Competition

Can AI Catch Cartels Across Borders?

Yoan Hermstrüwer and David Imhof
In new research, Yoan Hermstrüwer and David Imhof analyze how AI can help antitrust authorities predict cartels by assessing international bidding data in countries with similar legal and market structures.
Cultural Economics

A New Firearms Tax Design Could Reduce Homicides Without Costing Gun Owners

Luis Armona and Adam Rosenberg
In new research, Luis Armona and Adam Rosenberg argue that current state firearm excise taxes inadequately address gun-related crimes. They propose a tax that benefits society by targeting guns responsible for the most homicides, while accommodating the challenging political economy of firearms regulation in the United States.
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READING LISTS

Health Care

Americans spend significantly more on health care than any other country. Why? Answers to this question range from hospital monopolies to perverse incentives to opaque pricing to medical licensing to pharmaceutical firms abusing IP practices to “creeping consolidation.” Why is the US health care system so broken? And what can antirust do about it? Catch-up on our coverage of antitrust and the US health care system.

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Health Care

How Competition Has Increased Fraud in Medicare’s DME Program

Renuka Diwan, Paul Eliason, Riley League, Ryan C. McDevitt and James W. Roberts
In new research, Renuka Diwan, Paul Eliason, Riley League, Ryan C. McDevitt, James W. Roberts, and Jetson Leder-Luis investigate how Medicare’s shift to a competitive bidding system to reduce prices has inadvertently shifted market share to fraudulent suppliers.
Antitrust and Competition

Do Pharmaceutical Acquisitions Undermine Innovation by Disrupting Human Capital?

Carmine Ornaghi and Lorenzo Cassi
Antitrust authorities increasingly assess mergers through the lens of innovation, particularly in research-intensive sectors such as pharmaceuticals. In new research, Carmine Ornaghi and Lorenzo Cassi show how mergers disrupt human capital and reduce innovation in what they call manslaughter acquisitions.
Antitrust and Competition

Common Ownership May Reduce the Entry of Cheaper Generic Drugs

Martin Schmalz and Jin Xie
In new research, Martin Schmalz and Jin Xie examine how shareholder preferences influence the United States pharmaceutical industry. They find that generic-drug manufacturers sometimes harm their firms’ own value when doing so benefits shareholder portfolios, who frequently have stakes in competing brand-name firms.
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.

George J. Stigler, one of the most influential economists of the 20th century, won the Nobel Prize in Economic Sciences in 1982 “for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation.” His research upended the idea that government regulation was effective at correcting private-market failures. Stigler introduced the idea of regulatory capture, in which regulators could be dominated by special interests. These regulators would work for the benefit of large, monied organizations rather than the public good. Catch up on ProMarket's coverage of his legacy.

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Antitrust and Competition

India’s AI Market Regulation Risks Falling on Dated Ideas

Abhineet Nayyar
India is working on legislating new competition rules to govern artificial intelligence and other tech markets. But recommendations from a recent report by the Competition Commission of India suggest it might revert to old competition standards that will likely prove ineffectual in governing the new AI market, writes Abhineet Nayyar.
Academic Capture

Academic Economists Have an Ethics Problem

Kate Conlow
In a recent article, Kate M. Conlow explores how feeble requirements among the American academic economics community to disclose conflicts of interest are compromising research and harming policymaking.
Antitrust and Competition

China’s New “Safe Harbor” Antitrust Rules Offer Less Safety Than Suggested

Yin Hu
China’s new safe harbor rules for vertical dealing, including practices like resale price maintenance hitherto presumed generally anticompetitive, are less accommodating than they may seem, writes Yin Hu.
Book Reviews

How I Stopped Worrying and Learned to Love the Minimum Wage

Matthew Lucky
Matt Lucky reviews The Wage Standard: What’s Wrong in the Labor Market and How to Fix it by Arindrajit Dube, now out at Penguin Press.

The Shortcomings of Merger Policy Based on the Herfindahl-Hirschman Index

Eric Dunaway, Ana Espinola-Arredondo and Felix Munoz-Garcia
In new research, Eric Dunaway, Ana Espinola-Arredondo, and Felix Munoz-Garcia examine the Herfindahl-Hirschman Index (HHI) as a tool for merger review and show where it diverges from the consumer-surplus and total-welfare standards. In particular, the HHI fails to account for potential efficiency gains.

How Race Shapes Americans’ Views of Fairness and Trade

Daniel Lobo and Ryan Brutger
In new research, Daniel Lobo and Ryan Brutger theorize that American concepts of fairness are shaped by race and lived experiences. In a national survey experiment, they confirm that white and Black Americans view differently what constitutes “fair” trade policy.

Happiness Among Americans Plummeted During Covid. It Has Not Recovered Since

ProMarket writers
In new research, Sam Peltzman finds that Americans are significantly less happy than they were before Covid-19, even with the pandemic now in the rearview mirror. Those groups that had fared the best before Covid—white Americans, the wealthiest, college educated, and Republicans—were hit the hardest.

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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.