Williamson Miscellany, Continued
Many useful summaries of Williamson’s (and Ostrom’s) contributions are appearing online, such as those by Ed Glaeser, David Henderson, John Nye, Jeff Ely, and Alex Tabarrok. I think the first . . .
Williamson Miscellany, Continued
Henderson, Smith on the Nobel and Its Implications for Economics
Today David Henderson has penned the traditional Wall Street Journal commentary on yesterday’s Nobel award to Elinor Ostrom and Oliver Williamson. He provides an excellent summary of . . .
Alchian and Demsetz (1972), Dallas Cowboys Edition
In Alchian and Demsetz’s (1972) nexus-of-contracts approach to the firm, bosses don’t necessarily hire workers; workers may just as easily hire bosses. Recall Cheung’s (1983, p. 8) famous illustration: . . .
The Onion or Reality: Ron Kirk Edition
Today’s installment of our series featuring statements so self-evidently absurd you wonder how anyone could have made them with a straight face focuses on US . . .
Testimonials and disclaimers
A big chunk of the fraudulent advertising (diet, exercise, work-at-home, credit repair) prosecuted by the FTC involves a testimonial advertisement that mentions a number, e.g., . . .
Reverse Payments Settlements and Upcoming Congressional Action
In light of the recent political focus on healthcare, several Congressional bills propose to single out a class of contracts between pharmaceutical companies for closer . . .
Obama Administration Needs Sociologists
I have great respect for my sociologically trained brethren and sistren (cistern?) but am not sure what, exactly, they are asking for. One sociologist thinks . . .
Antitrust Pricing War: Congress v. the Court
In Leegin Creative Leather Products, Inc. v. PSKS, Inc., 127 S. Ct. 2705 (2007) (“Leegin”), the Supreme Court completed the erosion of the per se rule against . . .
Electric Intelligence
How much thought have you given to your electricity consumption? If it hasn’t gone beyond “I flip the switch and the light comes on,” you’re . . .