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THE BLOG OF THE STIGLER CENTER AT THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF
BUSINESS

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 * Antitrust and Competition
   * Health Care
   * Money in Politics
   * Regulatory Capture
   * Rent seeking
   * Inequality
 * Digital Platforms
 * Economic History
   * Economic History Series
   * Friedman 50 Years Later
   * George Stigler
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   * Reading Lists
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 * Commentary
 * About
   * Masthead and contacts
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   * Content Licensing

 * Antitrust and Competition
   * Health Care
   * Money in Politics
   * Regulatory Capture
   * Rent seeking
   * Inequality
 * Digital Platforms
 * Economic History
   * Economic History Series
   * Friedman 50 Years Later
   * George Stigler
 * Research
 * Teaching
   * Reading Lists
   * Covid Economy
 * Commentary
 * About
   * Masthead and contacts
   * Write for ProMarket
   * Content Licensing

Antitrust and Competition
Isabel Oakes, Anselm Küsters


LESSONS FROM THE PAST? HOW ORDOLIBERAL COMPETITION THEORY CAN ADDRESS MARKET
POWER IN THE DIGITAL AGE


Some of the lessons uncovered by ordoliberal thinkers during the interwar period
in Germany could help us tackle the current challenges posed by the significant
market power held by Big Tech companies like Facebook. These lessons are
especially useful when considering certain parallels between the historical
circumstances in which ordoliberalism emerged and contemporary socio-economic
and political trends. Editor’s note: The current debate in economics seems to
lack a historical perspective....
Read more

COMMENTARY

Antitrust and Competition


FACEBOOK’S RESPONSES TO CRITICISM SOUND TOO GOOD TO BE TRUE

David Carroll
The Facebook Papers show how Facebook’s relentlessly positive and defiant PR
messaging...
Read more

RESEARCH

Read more

Antitrust and Competition


TECH PLATFORMS AND THE ANTITRUST DUTY TO DEAL

Erik Hovenkamp

Read more

Coronavirus


STUDY: THE COVID-19 EVICTION MORATORIUMS HELPED REDUCE FOOD INSECURITY AND
MENTAL STRESS

Nitzan Tzur Ilan


PODCAST





FRANCES HAUGEN’S LEAKING OF THE FACEBOOK PAPERS WILL HURT DECISION-MAKING AT
TECH COMPANIES

Matt Perault


WHO BEARS THE COST OF ADMINISTRATIVE PROBLEMS IN HEALTH CARE?

Joshua Gottlieb


ANTITRUST’S LABOR MARKET PROBLEM

Eric A. Posner

A NEW CAPITALISN’T EPISODE




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LATEST

Economic History Series


THE UNINTENDED ECONOMIST: HOW THORSTEIN VEBLEN PIVOTED FROM PHILOSOPHY TO
ECONOMICS

Charles Camic
In an excerpt from his book Veblen: The Making of an Economist Who Unmade
Economics, Charles Camic explores the connection between Thorstein...
Read more
Antitrust and Competition


THE EUROPEAN UNION’S BIG POLICY BET AGAINST THE TECH GIANTS

Philip Hanspach, Nicolas Petit
If EU policymakers are truly concerned about restoring competitiveness to
digital markets, they need to adjust their expectations when it comes to...
Read more
Economic History Series


THE INVENTION OF ECONOMIC GROWTH: THE FORGOTTEN ORIGINS OF GROSS DOMESTIC
PRODUCT IN AMERICAN INSTITUTIONALIST ECONOMICS

Onur Özgöde
Contemporary critiques of GDP’s role in policymaking see it as an ideological
abstraction, emblematic of neoliberalism, that misrepresents “real” economic
conditions. What...
Read more
Academic Capture


COGS AND MONSTERS: IS ECONOMICS DESTINED TO REMAIN A DISMAL SCIENCE?

Jana Kasperkevic
In her bold new book Cogs and Monsters: What Economics Is, and What It Should
Be, Cambridge professor Diane Coyle offers a...
Read more
Antitrust and Competition


IS THERE A “CALIFORNIA EFFECT” IN DATA PRIVACY LAW? WHY THE EU IS NOT THE
WORLD’S PRIVACY COP

Jens Frankenreiter
It is common lore in data privacy law and other fields that stringent regulatory
standards (such as the ones introduced in the...
Read more
SHOW MORE

WHAT WE'RE READING

What we are reading


BUSINESS CALLS FOR MORE ACTION AFTER COP26 DEAL IS WATERED DOWN

ProMarket writers

Read more
[Financial Times]
What we are reading


BUSINESS SCHOOLS RESPOND TO A FLOOD OF INTEREST IN E.S.G.

ProMarket writers

Read more
[The New York Times]
What we are reading


CRUNCH AT PORTS MAY MEAN CRISIS FOR AMERICAN FARMS

ProMarket writers

Read more
[The New York Times]
What we are reading


THE CORPORATE MOST-WANTED LIST

ProMarket writers

Read more
[The American Prospect]
What we are reading


FACEBOOK IS STIFLING INDEPENDENT REPORT ON ITS IMPACT IN INDIA, HUMAN RIGHTS
GROUPS SAY

ProMarket writers

Read more
[Wall Street Journal]
What we are reading


JOHNSON & JOHNSON WILL BREAK ITSELF INTO TWO COMPANIES

ProMarket writers

Read more
[The New York Times]
What we are reading


GENSLER PUNTS IN FIGHT OVER AUDITING WATCHDOG

ProMarket writers

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[The American Prospect]
What we are reading


WALL STREET BANKS GENERATED $7.2BN IN FEES FROM RISE AND FALL OF GE

ProMarket writers

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[Financial Times]
What we are reading


FASTEST INFLATION IN 31 YEARS PUTS MORE HEAT ON WASHINGTON

ProMarket writers

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[The New York Times]
What we are reading


CNN POLL: THREE OUT OF FOUR ADULTS THINK FACEBOOK IS MAKING SOCIETY WORSE

ProMarket writers

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[CNN]
What we are reading


‘THE END OF THE GE WE KNEW’: BREAKUP TURNS A PAGE IN MODERN BUSINESS HISTORY

ProMarket writers

Read more
[Wall Street Journal]
What we are reading


FACEBOOK ALLOWS STOLEN CONTENT TO FLOURISH, ITS RESEARCHERS WARNED

ProMarket writers

Read more
[Wall Street Journal]


READING LISTS

Antitrust and the US Health Care System


AMERICANS SPEND SIGNIFICANTLY MORE ON HEALTH CARE THAN ANY OTHER COUNTRY. WHY?
ANSWERS TO THIS QUESTION RANGE FROM HOSPITAL MONOPOLIES TO PERVERSE INCENTIVES
TO OPAQUE PRICING TO MEDICAL LICENSING TO PHARMACEUTICAL FIRMS ABUSING IP
PRACTICES TO “CREEPING CONSOLIDATION.” WHY IS THE US HEALTH CARE SYSTEM SO
BROKEN? AND WHAT CAN ANTIRUST DO ABOUT IT? CATCH-UP ON OUR COVERAGE OF ANTITRUST
AND THE US HEALTH CARE SYSTEM.

Read the list
Discover all reading lists
Antitrust and Competition


ANTITRUST ENFORCEMENT IS NOT ENOUGH TO ADDRESS ANTICOMPETITIVE CONDUCT IN
PHARMACEUTICAL MARKETS. MARKET-ORIENTED LEGAL REFORM IS NEEDED.

Alden Abbott
Federal antitrust enforcement has been robust and effective in promoting
prescription drug market competition and thereby enhancing consumer welfare.
Antitrust enforcement in...
Read more
Antitrust and Competition


COMPETITION PROBLEMS IN PRESCRIPTION DRUG MARKET

Michael Kades
Although not the sole cause of high prescription drug costs, abusive practices
that distort competition contribute to the problem. Too many companies...
Read more
Antitrust and Competition


WHY THE FTC SHOULD CONSIDER SIZE IN DRUG MERGERS

Patricia M. Danzon, Michael A. Carrier
Large pharmaceutical firms retain their dominance through size-related
advantages in three areas: contracting, marketing and selling, and financing.
When reviewing pharmaceutical mergers,...
Read more
Antitrust and Competition


THE COVID-19 PANDEMIC SHOULD NOT DELAY ACTIONS TO PREVENT ANTICOMPETITIVE
CONSOLIDATION IN US HEALTH CARE MARKETS

Leemore Dafny
Harvard Business School professor Leemore Dafny lays out potential reforms to
assist agencies in halting anticompetitive acquisitions and practices, and to
preserve...
Read more




George Stigler


GEORGE J. STIGLER, ONE OF THE MOST INFLUENTIAL ECONOMISTS OF THE 20TH CENTURY,
WON THE NOBEL PRIZE IN ECONOMIC SCIENCES IN 1982 “FOR HIS SEMINAL STUDIES OF
INDUSTRIAL STRUCTURES, FUNCTIONING OF MARKETS, AND CAUSES AND EFFECTS OF PUBLIC
REGULATION.” HIS RESEARCH UPENDED THE IDEA THAT GOVERNMENT REGULATION WAS
EFFECTIVE AT CORRECTING PRIVATE-MARKET FAILURES. STIGLER INTRODUCED THE IDEA OF
REGULATORY CAPTURE, IN WHICH REGULATORS COULD BE DOMINATED BY SPECIAL INTERESTS.
THESE REGULATORS WOULD WORK FOR THE BENEFIT OF LARGE, MONIED ORGANIZATIONS
RATHER THAN THE PUBLIC GOOD. CATCH UP ON PROMARKET'S COVERAGE OF HIS LEGACY.

Read the list
Discover all reading lists
George Stigler


THE METAPHYSICS OF REGULATORY CAPTURE

Karthik Ramanna
Stiglerian capture and corrosive cultural capture, its left-leaning parallel,
are ostensibly symbionts, two attempts at identifying impediments to keeping
markets competitive by...
Read more
George Stigler


ASSESSING GEORGE STIGLER’S ECONOMIC THEORY OF REGULATION

Cary Coglianese
Despite its flaws and limitations, Stigler’s seminal article on the theory of
economic regulation remains an important piece of scholarship worthy of...
Read more
Commentary


THE MANY FACES OF STIGLER’S THEORY OF ECONOMIC REGULATION: INTEREST GROUP
POLITICS STILL THRIVES—BUT INDUSTRY OFTEN COMES SECOND

Richard Epstein
Stigler treats industry groups as the heavyweights in regulatory contests. But
surprisingly often groups of farmers and workers knock them for a...
Read more
Commentary


GEORGE STIGLER’S ERRORS AND THEIR VIRTUES

Daniel Carpenter
George Stigler might have been wrong in his essay on economic regulation, but
his influence is undeniable. The unity of purpose in...
Read more

Teaching

Antitrust and Competition


DOES MARKET POWER LEAD TO POLITICAL POWER?

ProMarket writers
A Stigler Center webinar explores what would be the foundations of a political
and economic system that might be more resilient to pressure from powerful
interests. Why has traditional antitrust policy been unable to prevent the rise
of large politically-powerful firms? Should antitrust enforcers consider the
political power of corporations and, if so, what are the benefits and perils of
redesigning antitrust to promote political and economic liberty? These...
Read more
Antitrust and Competition


MARKET POWER AND MONEY IN POLITICS

ProMarket writers
A Stigler Center webinar explores how businesses lobby and compete for political
power and whether mergers and industry concentration affect lobbying.  Firms
compete in markets, and markets are affected...
Read more
Antitrust and Competition


IS THERE A PROBLEM WITH COMPETITION?

ProMarket writers
A Stigler Center webinar explores instances where competition turns toxic,
whether antitrust policy needs reform, and potential paths forward. Is there
such a thing as too much competition? Can competition...
Read more



LOOSE POLICIES AROUND CLOSE ELECTIONS HIGHLIGHT THE POLITICAL LIMITS OF
MACROPRUDENTIAL REGULATION

Regulatory Capture
Karsten Müller
What can policymakers do to prevent future financial crises? An emerging
consensus holds that so-called macroprudential regulation is key: policies that
aim to mitigate...

COLUMNS

Economic History Series


THE COMPLICATED LEGACY OF THE “CHICAGO BOYS” IN CHILE

Daniel Matamala
How did a group of Chicago-trained economists manage to turn Chile into the
cradle of neoliberalism? As the country aims to move...
Read more
Antitrust and Competition


GAMESTOP, THE CANTILLON EFFECT, AND AMERICA’S CORRUPT FINANCIAL PLUMBING

Matt Stoller
The GameStop frenzy, far from a morality tale of the people showing up Wall
Street elites, should show that something is seriously...
Read more
Capitalisn't


HOW SHOULD WE FINANCE HIGHER EDUCATION IF NOT THROUGH STUDENT DEBT? A NEW
CAPITALISN’T EPISODE

Bethany McLean
In a new episode of Capitalisn’t, Luigi Zingales and Bethany McLean take a look
at the student debt crisis: How did we...
Read more
Media


BETHANY MCLEAN’S WEEKEND READING LIST: NURSING HOMES, THE WORLD’S LARGEST
PENSION FUND, AND OUR MAKE-BELIEVE ECONOMY

Bethany McLean
Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional
selection of must-read articles by investigative journalist Bethany McLean. 
Read more



ProMarket is dedicated to discussing how competition tends to be subverted by
special interests. The posts represent the opinions of their writers, not
necessarily those of the University of Chicago, the Booth School of Business, or
its faculty. For more information, please visit ProMarket Policy.

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