Nobel
Nobel Laureate Oliver Hart on Empowering Twitter’s Shareholders
In an interview with ProMarket, Nobel laureate Oliver Hart explains why broadening our perspective on fiduciary duty beyond maximizing shareholder wealth could...
We Need More Respectful and Inclusive Experiments in Development Economics: A Proposal
After many years of field research in Uganda, three economists outline how to prevent a powerful research tool such as randomized...
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....
A New Capitalisn’t Episode: The Risk Of Reopening – a Reading List
Despite warnings from government and health officials, some states are choosing to begin reopening their economies this week by ending lockdown restrictions. In this...
A New Capitalisn’t Episode: Where Does the Money Come From? With Special Guest Eugene Fama
As Kate Waldock and Luigi Zingales predicted in a previous episode, the government is running out of money and will ask Congress for additional...
A New Capitalisn’t Episode, Featuring Paul Krugman: A Reading List
On this episode, Kate and Luigi talk with Nobel Prize-winning economist Paul Krugman about his new book Arguing with Zombies: Economics, Politics, and the...
Who Benefits When State Governments Award Incentives to Politically-Connected Companies?
A new study finds that a company is nearly four times more likely to receive an economic incentive in a state where the company...
“Is the Market Actually Efficient? No, It Is Only a Very Powerful Narrative”
A conversation with Nobel Prize laureate Robert Shiller on his new book, Narrative Economics: "Economists do not study narratives systematically, but they shape the...
Fighting Poverty With Field Experiments: the Nobel Laureates' Revolution
As a student, Harvard Business School professor Vincent Pons decided to become an economist after a project in Morocco with Esther Duflo. The co-recipient...
Esther Duflo: How to Find the Right Questions
In this piece, originally published in 2011 by the American Economic Association's Committee on the Status of Women in the Economics Profession, Esther Duflo, co-recipient of...
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Commentary
The Banking Risks of Central Bank Digital Currencies
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.
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.
