Showing 9 of 209 Publications

Hovenkamp on the Indirect Purchaser Rule

TOTM I’ve had the pleasure of spending the last few weeks curled up with Herbert Hovenkamp’s wonderful new book, The Antitrust Enterprise: Principle and Execution, which . . .

I’ve had the pleasure of spending the last few weeks curled up with Herbert Hovenkamp’s wonderful new book, The Antitrust Enterprise: Principle and Execution, which I’m reviewing for the Texas Law Review. Hovenkamp is a sharp thinker and a wonderfully clear writer, and the book is a fantastic read for scholars and students alike. As a reviewer, though, I’m charged with pointing out the weak spots. Hovenkamp’s discussion of Illinois Brick‘s indirect purchaser rule is, I believe, one of those spots.

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Antitrust & Consumer Protection

An Insider Trading Policy a Monkey Would Love

TOTM As Josh noted, Henry Manne recently published a WSJ op-ed arguing for liberalization of insider trading on efficiency grounds — chiefly, because such trading “aids . . .

As Josh noted, Henry Manne recently published a WSJ op-ed arguing for liberalization of insider trading on efficiency grounds — chiefly, because such trading “aids capital allocation decisions and informs business executives through market-price feedback of the best predictions about the value of new plans.” (For a more complete statement of Henry’s argument, see here.)

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Financial Regulation & Corporate Governance

The NYT on SCOTUSs Wetlands Decision

TOTM Yesterday, the U.S. Supreme Court issued a fractured decision in consolidated appeals raising the issue of which wetlands come within the ambit of the federal . . .

Yesterday, the U.S. Supreme Court issued a fractured decision in consolidated appeals raising the issue of which wetlands come within the ambit of the federal Clean Water Act (CWA). The wetlands at issue were next to drainage ditches that, when full of water, would eventually flow into navigable waters. The record did not establish whether the connections between the wetlands and the drainage ditches were continuous or intermittent, or whether the ditches contained continuous or merely occasional flows of water.

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Do Positive Externalities Always Justify Government Subsidies? Some Insights From the Austrians and Public Choice

TOTM The folks over at Lawyers, Gun$, and Money are chiding me for ignoring (or, as they say, never having heard of) positive externalities. A couple . . .

The folks over at Lawyers, Gun$, and Money are chiding me for ignoring (or, as they say, never having heard of) positive externalities. A couple of days ago, I criticized a NYT editorial calling for the federal government to “throw its weight behind” private efforts to develop alternative fuels. My main point was that the best thing the government could do would be to let energy prices rise in response to forces of supply and demand. High prices, I argued, have spurred — and will continue to spur — private investment in alternative technologies.

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Alternative Fuels: Let Markets, Not Government, Decide.

TOTM It’s a strange day when the New York Times advocates corporate tax breaks. It’s an even stranger day when I dissent from that recommendation. Well, . . .

It’s a strange day when the New York Times advocates corporate tax breaks. It’s an even stranger day when I dissent from that recommendation. Well, today must be a strange day indeed, for they did, and I must.

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Innovation & the New Economy

More on Wal-Mart and Organics

TOTM An article from yesterday’s W$J sheds some light on the organic community’s anger over Wal-Mart’s decision to begin selling organic products. A few weeks ago, . . .

An article from yesterday’s W$J sheds some light on the organic community’s anger over Wal-Mart’s decision to begin selling organic products. A few weeks ago, I accused Wal-Mart’s critics of wanting to keep price-sensitive consumers out of the organic “club.” The article in yesterday’s Journal suggests that that’s part of the story, but that the critics might also have a legitimate gripe. Examined closely, though, even that concern is unfounded.

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Intellectual Property & Licensing

Some Thoughts on Tradeable Gasoline Rights

TOTM Marty Feldstein has an interesting idea about how to reduce America’s oil consumption, but I’m not quite ready to sign on. In an op-ed in . . .

Marty Feldstein has an interesting idea about how to reduce America’s oil consumption, but I’m not quite ready to sign on.

In an op-ed in yesterday’s WSJ, Feldstein proposed a “cap and trade” system for gasoline. Under the proposed system, the government would set a limit on the amount of gasoline Americans could purchase annually and would then allocate rights to purchase that amount of gasoline.

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NYT on Preserving the Purity of the Organic Club

TOTM The New York Times is worried about Wal-Mart’s plan to sell organic food. One would think that fans of organic would be happy about this . . .

The New York Times is worried about Wal-Mart’s plan to sell organic food. One would think that fans of organic would be happy about this development. It means that organic products will be available more cheaply at Wal-Mart, which is planning to sell organic products for just 10% more than conventionally grown food, and it’s almost certain to lower organic food prices elsewhere. First, competition with Wal-Mart will lower prices. In addition, Wal-Mart’s entry into the organic sector will expand organic production, thereby permitting producers to achieve greater economies of scale.

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Innovation & the New Economy

The Froth Is Back

TOTM Today’s WSJ reports that professional stock analysts employed by brokerage firms are up to their old sunny ways. These “sell-side” analysts came under fire in . . .

Today’s WSJ reports that professional stock analysts employed by brokerage firms are up to their old sunny ways. These “sell-side” analysts came under fire in 2002 for rendering falsely optimistic trading recommendations. Congressional hearings revealed that during the late 1990s, analysts’ “buy” recommendations outnumbered “sell” recommendations by nearly 100 to one.

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Financial Regulation & Corporate Governance