Chicago School
The Chicago Planning Program and the Interdisciplinary Tradition of the Chicago School
The Chicago Planning Program, an interdisciplinary program that operated at the University of Chicago between 1947 and 1956, is an often-neglected part...
Looks Can Be Deceiving: Ronald Coase and the Chicago School
Ronald Coase is typically thought of as one of the Chicago School’s brightest lights. But Coase’s relationship with Chicago was always an...
The Complicated Legacy of the “Chicago Boys” in Chile
How did a group of Chicago-trained economists manage to turn Chile into the cradle of neoliberalism? As the country aims to move...
George Stigler on Henry Simons, “Crown Prince” of the Chicago School
To mark 75 years since the passing of Henry Simons, professor of Economics and Law at the University of Chicago, ProMarket is...
An Unusual History: A Conversation Between Two Economists About the Economics Department at the University of Chicago
In conversation with Sebastian Edwards, Arnold C. Harberger reflects on his time at the Department of Economics at the University of Chicago.
Stigler’s Interest-Group Theory of Regulation: A Skeptical Note
As a rule, regulation is not acquired by “the industry,” and it is not designed and operated primarily for its benefit. The...
Senator Klobuchar’s Antitrust Bill Doesn’t Go Far Enough
Senator Klobuchar’s bill includes many useful proposals to bolster antitrust enforcement, but the antitrust laws have been so weakened by the courts...
Data-Driven Ideology: The Problem With Economists' Takeover of Policymaking
According to New York Times journalist Binyamin Appelbaum's recent book The Economists' Hour, economics is not the unbiased science that it pretends to be, but...
Corporations and the Rise of the Chicago Law and Economics Movement
From its birth in 1946 onward, corporations made possible and crucially supported the rise of the Chicago law and economics movement. Aaron Director,...
"The Lack of Competition Has Deprived American Workers of $1.25 Trillion of Income"
French economist Thomas Philippon, author of the recent The Great Reversal, explains how Europe got to be better at free markets than the US and how...
LATEST NEWS
Antitrust and Competition
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...
Antitrust and Competition
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.
Antitrust and Competition
The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
Book Excerpts
The Chicago Boys and the Chilean Neoliberal Project
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
Antitrust and Competition
Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
