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TOTM Financial Times (HT: Danny Sokol) highlights the problem of multi-jurisdictional antitrust enforcement, emphasizing the rise of India and China. The article repeats the basic point, . . .
Financial Times (HT: Danny Sokol) highlights the problem of multi-jurisdictional antitrust enforcement, emphasizing the rise of India and China. The article repeats the basic point, worth repeating, that international cooperation can help avoid bad outcomes with multiple regulatory stakeholders with different incentives and institutional environments…
Read the full piece here.
TOTM While much has been said about the recent Milton Friedman Institute scuffle at the University of Chicago (including here at TOTM here), Chicago GSB Professor . . .
While much has been said about the recent Milton Friedman Institute scuffle at the University of Chicago (including here at TOTM here), Chicago GSB Professor John Cochrane’s scathing comments on the original Protest letter have stirred up some additional commentary worth reading. In particular, Craig Newmark (who adds the new fact that apparently the Protest letter was not sent to the economics department, the GSB, or the Institute — does this mean it was sent to the law school?) and Steve Horwitz, who quiet nicely turns the Protesters complaints about the negative externalities imposed on “other” Chicago faculty by the university’s free-market reputation on its head…
TOTM My colleague Tom Hazlett (George Mason University) has a characteristically thoughtful and provocative column in the Financial Times on the recent Clearwire joint venture and . . .
My colleague Tom Hazlett (George Mason University) has a characteristically thoughtful and provocative column in the Financial Times on the recent Clearwire joint venture and what it tells us about the “innovation commons” and current public policy debates such as network neutrality, spectrum property rights, and municipal wi-fi. Here’s an excerpt…
TOTM The following email from Henry Manne takes up our previous discussion of the future of law and economics (available here in downloadable form) and is . . .
The following email from Henry Manne takes up our previous discussion of the future of law and economics (available here in downloadable form) and is published with permission. I’ve inserted a few links where Manne references a few blog posts responding to our earlier discussion.
TOTM Dan Drezner raises the plausible possibility that the real reason for the objection of some 8% (101) of the full-time faculty to the Milton Friedman . . .
Dan Drezner raises the plausible possibility that the real reason for the objection of some 8% (101) of the full-time faculty to the Milton Friedman Institute at the University of Chicago, which we blogged about earlier here, is “grounded less on ideology and more on an effort to ensure these departments get a bigger slice of the pie.”
TOTM My colleague and co-author Bruce Kobayashi has posted The Law and Economics of Predatory Pricing to SSRN and is forthcoming in Keith Hylton’s Antitrust Law . . .
My colleague and co-author Bruce Kobayashi has posted The Law and Economics of Predatory Pricing to SSRN and is forthcoming in Keith Hylton’s Antitrust Law and Economics volume (Edward Elgar Publishing). It is a comprehensive and insightful review of the expansive legal and economic literatures on this topic.
TOTM Barak Richman (Duke) has posted The Antitrust of Reputation Mechanisms: Institutional Economics and Concerted Refusals to Deal to SSRN (forthcoming in the Virginia Law Review). . . .
Barak Richman (Duke) has posted The Antitrust of Reputation Mechanisms: Institutional Economics and Concerted Refusals to Deal to SSRN (forthcoming in the Virginia Law Review).
TOTM From FTC Commissioner Rosch: Personally, I think simulation analyses and indeed any kind of economic analyses that require the use of mathematical formulae are of . . .
From FTC Commissioner Rosch:
Personally, I think simulation analyses and indeed any kind of economic analyses that require the use of mathematical formulae are of little persuasive value in the courtroom setting. When I see an economic formula my eyes start to glaze over, and if the formula uses Greek letters I tend to think “it’s all Greek to me.” I think that’s the way that courts view this evidence too. Simulation analyses and the like were presented in the Oracle, Swedish Match and Staples trials, and in all three instances the courts (including some pretty sophisticated judges) virtually ignored them… . Most economists, however well prepared, will not have the industry experience to serve as the primary “storytellers.” However, they can play an important complementary role and reinforce the testimony of those witnesses by presenting data respecting prices, entry, diversion and/or price erosion.
Personally, I think simulation analyses and indeed any kind of economic analyses that require the use of mathematical formulae are of little persuasive value in the courtroom setting. When I see an economic formula my eyes start to glaze over, and if the formula uses Greek letters I tend to think “it’s all Greek to me.” I think that’s the way that courts view this evidence too. Simulation analyses and the like were presented in the Oracle, Swedish Match and Staples trials, and in all three instances the courts (including some pretty sophisticated judges) virtually ignored them… .
Most economists, however well prepared, will not have the industry experience to serve as the primary “storytellers.” However, they can play an important complementary role and reinforce the testimony of those witnesses by presenting data respecting prices, entry, diversion and/or price erosion.
This passage of a very interesting speech gave me some pause. A few points…
TOTM Crooked Timber has a very interesting post up on the minimum wage debate (HT: Brian Leiter). I want to comment on the sub-theme of the . . .
Crooked Timber has a very interesting post up on the minimum wage debate (HT: Brian Leiter). I want to comment on the sub-theme of the post (and the theme picked up in the title of Leiter’s post), which was that economics ideologically driven by pro-market bias which results in the publication of pro-market findings over those that would favor regulation or demonstrate some sort of market failure.
