market failure

James M. Buchanan Trusted Market Mechanisms Because He Trusted Individuals

James Buchanan, one of the most influential economists of the twentieth century, believed that individuals were able to voluntarily devise private and...

Rethinking Competition: From Market Failures to Ecosystem Failures

Despite the overwhelming importance of digital platforms, and the chatter around their recent rise, our understanding of digital ecosystems is still limited....

The Texas Blackouts and the Problems of Electricity Market Design

Even in an ideal electricity market, reliability is an elusive and precarious byproduct of companies’ search for profits. Since market designers are...

The SEC Proposal on Proxy Advisory Firms Will Provide Greater Transparency and Accountability

Proxy advisory firms lack transparency and their recommendations are not always in shareholders' interests. However, despite their poor performance, the two biggest firms' market...

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The “Conspiracy” of Consumer Welfare Theory

Matt Stoller argues there was a conspiracy. It was more of an association with a singular purpose.

Researchers Find Reduced Competition After Pandemic

The chart of the week comes from a new research paper that documents the increase in small business closures during the Covid...

Voters Still Believe Politics is About the Common Good, Not Just Rent-Seeking

Do voters still believe that politics can be a source for common-good policies and not just partisan bickering and rent-seeking? With political...

How to Design Data Protection Laws That Actually Work 

More and more countries are passing data protection laws, yet empirical studies show that these laws rarely deliver on their promises. A...

Are Monopolists or Cartels the True Source of Anticompetitive US Political Power?

Trade associations are often the biggest obstacles to competitive markets, especially when those organizations use their influence to change public policy in...