GDP

The Invention of Economic Growth: The Forgotten Origins of Gross Domestic Product in American Institutionalist Economics

Contemporary critiques of GDP’s role in policymaking see it as an ideological abstraction, emblematic of neoliberalism, that misrepresents “real” economic conditions. What...

A $2.5 Trillion Question: What If Incomes Grew Like GDP Did?

Per capita GDP in the US grew 118 percent over the past 43 years. At the bottom 25th percentile, real income for...

How to Restart the Economy and Save Lives: Simulations on Northern Italy

Italian officials have to choose the optimal strategy to end the lockdown. A policy that sends all the active population back to...

Covid-19, Central Banks, and Debt Monetization: a Webinar With Olivier Blanchard

Princeton Professor Markus Brunnermeier and former IMF chief economist Olivier Blanchard discuss the impact of the current global health crisis on public finances and policy...

Covid Economics: During 1918 Influenza, Severe Social Distancing Reduced Negative Impacts on American Economy

ProMarket reviews the most recent and interesting academic papers on the ongoing pandemic: Sergio Correia, Stephan Luck, and Emil Verner studied how US cities and...

Covid Economics: Social Distancing and the Relevant Benefits of Cost-Benefit Analysis

ProMarket reviews the most recent and interesting academic papers on the ongoing pandemic: Michael Greenstone and Vishan Nigam of the University of Chicago estimate that...

A New Capitalisn’t Episode: Winners and Losers in the Stimulus Bill – a Reading List

In order to combat the coronavirus, Congress has passed a $2 trillion stimulus bill that targets individuals, small businesses, and large corporations. From an...

How to Interpret Financial Market Movements to Predict the Impact of Coronavirus on GDP

Equity markets in the EU and US dropped by as much as 30 percent, which means that investors have revised downward their estimate of...

This Is Not the Time to Be Cautious. We Need to Contain the Economic Contagion of the Coronavirus

The real danger is that the virus mutates and infects our economic system, even as we manage to root it out of our bodies....

LATEST NEWS

Revising the Merger Guidelines To Return Antitrust to a Sound Economic and Legal Foundation

The draft Merger Guidelines largely replace the consumer welfare standard of the Chicago School with the lessening of competition principle found in the 1914 Clayton Act. This shift would enable the Federal Trade Commission and Department of Justice Antitrust Division to utilize the full extent of modern economics to respond to rising concentration and its harmful effects, writes John Kwoka.

How Anthony Downs’s Analysis Explains Rational Voters’ Preferences for Populism

In new research, Cyril Hédoin and Alexandre Chirat use the rational-choice theory of economist Anthony Downs to explain how populism rationally arises to challenge established institutions of liberal democracy.

The Impact of Large Institutional Investors on Innovation Is Not as Positive as One Might Expect

In a new paper, Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, and Anna Toldrà-Simats study how large institutional investors impact firm innovation. The authors find that large institutional investors encourage internal research and development but discourage firm acquisitions that would add patents and knowledge to their firms’ portfolios, hampering overall innovation.

The FTC Needs To Focus Arguments on Technological Transitions After High-Profile Losses

Joshua Gray and Cristian Santesteban argue that the Federal Trade Commission's focus in Meta-Within and Microsoft-Activision on narrow markets like VR fitness apps and consoles missed the boat on the real competition issue: the threat to future competition in nascent markets like VR platforms and cloud gaming.

We Need Better Research on the Relationship Between Market Power and Productivity in the Hospital Industry

Antitrust debates have largely ignored questions about the relationship between market power and productivity, and scholars have provided little guidance on the issue due to data limitations. However, data is plentiful on the hospital industry for both market power and operating costs and productivity, and researchers need to take advantage, writes David Ennis.