economists

Government Regulation is the Pro-Market Solution

The Covid-19 pandemic has utterly discredited the false dichotomy of government vs. markets. Extensive government regulation is a prerequisite for the proper...

Capitalisn’t Is Back: Can Economists and Journalists Work Together to Improve Capitalism?

Is capitalism the engine of prosperity, or is it the engine of destruction? On this podcast, we talk about the ways capitalism...

Shareholders Don’t Always Want to Maximize Shareholder Value

Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay...

Serving Shareholders Doesn’t Mean Putting Profit Above All Else

The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is to maximize profits. Editor’s note:...

Friedman’s Principle, 50 Years Later

In the mid-1980s, Milton Friedman’s view that the only social responsibility of business is to increase its profits became dominant in business...

Emmanuel Farhi, Economist and Renaissance Man

Matteo Maggiori eulogizes Harvard economist Emmanuel Farhi, who passed away last month at the age of 41.

Why Economic Predictions Are Useless Right Now

The Covid-19 crisis is unprecedented in its global scope and open-ended, uncontrollable progress. By their very nature, the models that economists often...

It Is Such a Small World: The Market-Design Academic Community Evolved in a Business Network

Private equity funds such as Michael Dell's MSD Capital made hundreds of millions of dollars in profits from the 2017 FCC spectrum...

How Market Design Economists Helped Engineer a Mass Privatization of Public Resources

In 2017, the Federal Communications Commission conducted a complex two-sided auction to reallocate spectrum from broadcasters to mobile communications companies. The way...

Indecent Proposals in Economics: The Moral Problem With Randomized Trial Experiments

The advent of field Randomised Control Trials (RCTs) has made it more acceptable for applied economists to collect data in developing countries....

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LATEST NEWS

Antitrust and Competition

Creation over Time in Copyright and Patent

Randy Picker

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.

Event Notes

ESG Standards’ Good, Bad and Ugly

ProMarket writers

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.

Commentary

Reregulate.

Lee Hepner, William J. McGee

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.

Antitrust and Competition

A World With Far Fewer Mergers

Brooke Fox, Walter Frick

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

Commentary

The Banking Risks of Central Bank Digital Currencies

Vibhu Vikramaditya

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.