elitism

Responses to Populism Require Understanding Why Voters Lose Faith in Experts

Expert civil servants devise ever more sophisticated policies to tackle emergencies such as climate change. But when voters lose faith in experts, they vote for anti-elite populist leaders who promise to drain the swamp in the civil service. Gabriele Gratton and Barton E. Lee write that understanding populist voters’ calculations and mistrust is key to designing democratic institutions that can address the most pressing challenges of our times.

Discrimination in the Formation of Academic Networks at #EconTwitter

In a field experiment conducted with economists on Twitter, the authors find that users who are identifiable as white, women, and PhD students affiliated with “top-ten” universities are more likely to receive follow-backs.

How Powerful Ideas Can Shape Society: Aaron Director and the Triumph of Nihilism

The rise of giants like Amazon and Facebook proves the long-lasting influence of Director's approach. His intellectual and political legacy is...

LATEST NEWS

Regulation

Why Have Uninsured Depositors Become De Facto Insured?

Michael Ohlrogge

Due to a change in how the FDIC resolves failed banks, uninsured deposits have become de facto insured. Not only is this dangerous for risk in the banking system, it is not what Congress intends the FDIC to do, writes Michael Ohlrogge.

Antitrust and Competition

Merger Law Reaches Acquirer Incentives and Private Equity Strategies

Steven Salop

Steven C. Salop argues that Section 7 of the Clayton Act prohibits mergers in which the acquiring firm’s unilateral incentives and business strategy are likely to lessen market competition.

Antitrust and Competition

Tim Wu Responds to Letter by Former Agency Chief Economists

Tim Wu

Former special assistant to the president for technology and competition policy Tim Wu responds to the November 27 letter signed by former chief economists at the Federal Trade Commission and Justice Department Antitrust Division calling for a separation of the legal and economic analysis in the draft Merger Guidelines.

Book Reviews

Can the Public Moderate Social Media?

Surya Gowda

ProMarket student editor Surya Gowda reviews the arguments made by Paul Gowder in his new book, The Networked Leviathan: For Democratic Platforms.

Income Inequality

Uninhibited Campaign Donations Risks Creating Oligarchy

Valentino Larcinese, Alberto Parmigiani

In new research, Valentino Larcinese and Alberto Parmigiani find that the 1986 Reagan tax cuts led to greater campaign spending from wealthy individuals, who benefited the most from this policy. The authors argue that a very permissive system of political finance, combined with the erosion of tax progressivity, created the conditions for the mutual reinforcement of economic and political disparities. The result was an inequality spiral hardly compatible with democratic ideals.