antitrust and competition

The Proper Role of Economics in Merger Review: Transcript

The following is a transcript of Eric Posner and Carl Shapiro's debate on the proper role of economics in merger review at the 2024 Stigler Center Antitrust and Competition Conference.

Dinner Keynote with Jonathan Kanter and Lina Khan: Transcript

The following is a transcript of Guy Rolnik's conversation with Assistant Attorney General Jonathan Kanter and Chair Lina Khan at the 2024 Stigler Center Antitrust and Competition Conference.

The Battle for the EU’s Economic Soul Excludes European Voters

The upcoming European elections will determine the next European Parliament, but the real competition for the EU's economic future lies in the debate between two competing visions, writes Stefano Feltri. One vision, represented by Emmanuel Macron and Mario Draghi, calls for a radical departure from the EU's traditional approach to prioritize strategic autonomy and industrial policy, while the other, championed by Enrico Letta, argues for strengthening the single market and addressing its shortcomings to shape globalization and ensure security through fair competition.

Lower Antitrust Enforcement Reduces Venture Capital Investment and Startup Innovation

In new research, Wentian Zhang finds that a reduction in antitrust enforcement causes venture capitalists to significantly decrease their investments in startups, leading to fewer startups going public and diminished innovation.

In ProMarket Interview, Jonathan Kanter Outlines How DOJ Selects Cases

ProMarket interviewed Assistant Attorney General Jonathan Kanter at the 2024 Stigler Center Antitrust and Competition Conference.

Competition Experts Skeptical of DOJ’s Apple Case

According to a poll conducted by ProMarket at the Stigler Center Antitrust and Competition Conference, experts were skeptical about the Department of Justice's antitrust case against Apple, with 54% believing it had the lowest odds among the five Big Tech antitrust cases of a ruling in favor of the government. In contrast, the experts were more optimistic about the government's chances in the Google AdTech case, with 52% saying it had the best odds for a government win, and another 21% favoring the Google Search case.

The FTC Noncompete Ban Is Legal

Jonathan Masur and Eric Posner argue that the Federal Trade Commissions’ recent ban on noncompete clauses is lawful under the plain language of the Federal Trade Commission Act, longstanding court precedent, and well-established administrative law principles.

Are Letta, Macron and Draghi Marking the End of Neoliberalism in Europe?

Recent contributions from Enrico Letta, Mario Draghi, and Emmanuel Macron are exposing however deep concerns that the European project is floundering. Cristina Caffarra writes that Letta, Draghi and Macron are collectively making an urgent call to tackle the reality of a “divided bloc” that has lost ground, rethink industrial policy, public good investments and reformulate traditional trade-offs. Explicitly acknowledging the end of the neoliberal vision that still occupies many European institutions (from antitrust to trade to industrial policy) will be important to “join the dots” and make the trade-offs clearer.

What Is the Role of Efficiency in Merger Review?

Luis Braido builds on Eric Posner and Carl Shapiro’s debate about the role of economics in merger review by further exploring the tension between efficiency and consumer welfare. He argues that efficiency merits endorsement as it boosts productivity, wealth, and social welfare. Nevertheless, he acknowledges that the law favors competition and consumer welfare over efficiency. From his perspective, enlarging the range of remedies available in merger review is central for protecting productivity gains while preserving competition and compensating consumers for adverse impacts.

Did the Euro Reduce Market Power?

Academics have argued that changes in product markup trends show that the European markets, abetted by the adoption of the Single Market and stronger antitrust enforcement, have become more competitive over the last half-century, whereas American markets have become more concentrated. In their research, Tommaso Crescioli and Angelo Martelli argue that a study of labor market power in Europe muddles this picture of higher competition in Europe.