Truth on the Market

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Archive for the ‘administrative’ Category

FDA Medical Device Approval

Posted by Paul H. Rubin on October 26, 2011

The New York Times today has an article on approval of medical devices.  The take is that venture capitalists want a more efficient process.  The tradeoff mentioned is between faster approval for investor returns versus safety of devices if they are approved faster.  There is no mention in the article of the benefits to patients and consumers of more rapid availability of medical devices.  The entire literature following the Peltzman analysis delays in drug approval is totally ignored.

Posted in administrative, regulation, technology | Tagged: , | 3 Comments »

Introducing Guest Blogger Hal Singer

Posted by Geoffrey Manne on October 17, 2011

We’re delighted to be joined for the next couple of weeks by guest blogger, Hal Singer.

Hal is Managing Director and Principal at Navigant Economics. He has written, thought and advised extensively on antitrust, finance and general regulatory issues.  His SSRN page is here, and it includes co-authors like David Teece, Dan Rubinfeld, Jerry Hausman, Greg Sidak, Bob Crandall, and Bob Litan, among many others. He is the co-author of the book Broadband in Europe: How Brussels Can Wire the Information Society (Kluwer/Springer Press 2005). and his article have appeared in, among there, American Economics Association Papers and Proceedings, Harvard Journal of Law and Technology, Journal of Industrial Economics, Journal of Network Industries, Journal of Regulatory Economics, Review of Network Economics, Topics in Economic Analysis and Policy, and Yale Journal on Regulation. He has also served as Adjunct Professor at Georgetown University’s McDonough School of Business.

On the policy front, his essays have appeared in several leading newspapers and magazines, including Antitrust, Forbes, The Economist’s Voice, Harvard Business Review, Health Affairs, The Milken Institute Review, Regulation, The Wall Street Journal, and The Washington Post. His M.A. and Ph.D. degrees in economics are from the Johns Hopkins University and his B.S. magna cum laude in economics is from Tulane University.

Perhaps of particular interest to our readers, one of Hal’s most recent articles (with Gerald Faulhaber) is on wireless broadband competition and the FCC’s most recent wireless competition report, a not-uncommon subject around here (see, e.g., here).  It’s an excellent paper, and you can find a link to the article and a podcast of Hal discussing the paper with Jerry Brito here.

We look forward to a stimulating set of posts from Hal — and he isn’t shy, so don’t hesitate to weigh in in the comments!

Posted in administrative, announcements, blogging, truth on the market | Comments Off

TechFreedom Search Engine Regulation Event today

Posted by Geoffrey Manne on June 14, 2011

Today at 12:30 at the Capitol Visitor Center, TechFreedom is hosting a discussion on the regulation of search engines:  ”Search Engine Regulation: A Solution in Search of a Problem?”

The basics:

Allegations of “search bias” have led to increased scrutiny of Google, including active investigations in the European Union and Texas, a possible FTC investigation, and sharply-worded inquiries from members of Congress. But what does “search bias” really mean? Does it demand preemptive “search neutrality” regulation, requiring government oversight of how search results are ranked? Is antitrust intervention required to protect competition? Or can market forces deal with these concerns?

A panel of leading thinkers on Internet law will explore these questions at a luncheon hosted by TechFreedom, a new digital policy think tank. The event will take place at the Capitol Visitor Center room SVC-210/212 onTuesday, June 14 from 12:30 to 2:30pm, and include a complimentary lunch. CNET’s Declan McCullagh, a veteran tech policy journalist, will moderate a panel of four legal experts:

More details are here, and the event will be streaming live from that link as well.  If all goes well, it will also be accessible right here:

http://www.ustream.tv/flash/viewer.swf

Live Broadcasting by Ustream

Posted in administrative, announcements, essential facilities, google, law and economics, monopolization, regulation, technology | Tagged: , , , , , , , | Comments Off

Markets are incremental; Obamacare is not

Posted by Paul H. Rubin on March 24, 2011

Watching Obamacare dissolve in a morass of legal challenges and waivers points out another benefit of markets.   Markets proceed incrementally.  The Internet has made a huge difference in all of our lives.  But the process was gradual.  It began with just a few academic users and then expanded as entrepreneurs figured out next steps.  In 1990 no one planned today’s Internet; no one could have.  There were individual successes, some of which persisted (Amazon) and some of which succeeded for awhile and then failed (AOL).  But the whole thing is a mass of small steps that led to what we have today.  More small steps will lead to tomorrow’s Internet which will be something no one today can foresee.

Obamacare (and many other government efforts) is not incremental.  It is a 2000 page law trying to remake the entire medical system from the top down.  No such system can succeed.  No one can foresee the interactions of all of the parts that are part of this law.

Other proposals for reform — allow interstate sales of medical insurance, cap tax deductibility of insurance premiums — are incremental in nature.  Such proposals allow us to try a small step and see if it works and proceed from there.  We cannot forecast the results of these small steps, but we do not need to.  They are small and easy to reverse if they fail.  Moreover, they leave room for entrepreneurs to modify them in unpredictable ways.  If we allow interstate sales, which models will work best?  No one knows, but lots of people will try to figure it out and some of them will make lots of money and give us a better system.

Posted in administrative, entrepreneurship, health care reform debate, markets | 1 Comment »

Judd Stone on Behavioral Economics, Administrative Agencies, and Unintended Consequences

Posted by Josh Wright on December 7, 2010

Professors Henderson and Ribstein touch on two theoretical failures of the behavioralist movement which both reveal the prematurity of ‘behaviorally-informed’ regulatory proposals: the behavioralist assumptions that (1) behavioral biases theoretically necessitate, or at least enable, public intervention, and (2) governmental entities can net improve individual outcomes over the status quo of unfettered, if limited, human capabilities.  I think both of these observations highlight the shocking dearth of theoretical exploration amongst behavioralists thus far.  I want to focus on connecting these assumptions to the connection between behavioral economics and administrative regulation.

Read the rest of this entry »

Posted in administrative, behavioral economics, free to choose symposium, regulation | 8 Comments »

Time to go

Posted by Todd Henderson on September 21, 2010

This episode has had a profoundly negative impact on me. To be sure, I deserved and even welcomed criticism of my remarks. But the firestorm this created was completely unanticipated. Lies and misinformation, like that our family earns $450,000, spread uncontrollably. One of the perpetrators, Henry Blodget, has graciously agreed to correct this mistake. (Thank you, Henry.) I cannot begin to undo the problems this has caused. So I will stop and let the fire burn out. I don’t want or need pity from anyone. As bad as things are in this for me, many have it far worse. A wise and dear friend sent me a Yiddish saying: for a worm in horseradish, the whole world is horseradish. This worm is caught in a horseradish, but I can see beyond it.

The reason for this note is because I’ve decided to hang up my blogging hat. I was a fool, and I didn’t anticipate how this kind of thing could happen. As many of our readers and my students know, I’m opinionated and willing to push boundaries. This is what I think is the role of a professor, and blogging allowed me to do it in an informal and diverse manner. But I misunderstood the technology, and the consequences are devastating for me personally. I wish I had just stuck to blogging about corporate law and such, but I couldn’t help myself. Self restraint would have been the better course. Perhaps someday I will return and limit my commentary to my academic areas of interest. For now though, I have to say good bye. I’ve enjoyed the experience and the interactions I’ve had with readers and, of course, my co-bloggers. I am sad to leave, but my family has to come first, and my blogging has caused them incalculable damage.

A final note: I am especially saddened that my post was misconstrued as being about anything other than the impact that tax increases will have on people at the lower end of the high-income bracket. Agree or disagree, certainly questions like this need to be part of the equation. I understand the suffering of the world and the good fortune I have. The debate is not, or should not, be about whether we should try to improve the well being of everyone in our neighborhoods, our country, and around the world, but how. I have different ideas about this than many of our readers and my critics, but my motives are the same as theirs. I’ve never made up stuff about them, distorted their arguments, or questioned their good intentions. I would expect the same in return.

Farewell.

Posted in administrative | 5 Comments »

I’m sorry

Posted by Todd Henderson on September 20, 2010

The posts that generated an unintended blogocane have been deleted. I stand by the posts, the facts in them, and the points they were making. The reason I took the very unusual step of deleting them is because my wife, who did not approve of my original post and disagrees vehemently with my opinion, did not consent to the publication of personal details about our family. In retrospect, it was a highly effective but incredibly stupid thing to do. The electronic lynch mob that has attacked and harassed me — you should see the emails sent to me personally! — has made my family feel threatened and insecure. We recently had a very early preemie, and this was a quite inopportune time to bring this on my family. For the record, I still think the planned tax increases will negatively impact my family and my country, but that is basically all I should have said. To my wife, my three children, and to anyone who was offended by my remarks, please accept my apologies. To those with pitchforks trying to attack me instead of my message, I feel sorry for you. You have caused untold damage to me personally. I may be wrong, even stupid, but I don’t think I deserved that.

Posted in administrative | Comments Off

Ideoblog archives

Posted by Larry Ribstein on June 23, 2010

For those who want an easy way to get into six years of Ideoblog posts, here’s the old archives (also linked in the top bar and listed on the bottom left hand side).

Posted in administrative | Comments Off

We’re Back!

Posted by Josh Wright on June 13, 2010

Our apologies again for the interrupted service.  In light of some spam attacks and other problems, we’ve been in a slow and painful process of switching to a more stable and secure platform on WordPress.  While we were at it, we’ve updated our look a little bit as well, with more possibly to come in the future on that front.  In any event — we’re happy to be back.  Thank you for your patience.

Posted in administrative, announcements, blogging | Comments Off

Our Apologies for the Interrupted Service

Posted by Geoffrey Manne on June 8, 2010

Our apologies for the intermittent posting.  We’ve had some technical difficulties to work out after being shut down from spam attacks on a few occasions of late (some of you may have noticed a pottery website that was parked here while we were shut down).  While we might be upgrading and cleaning the place up here and there in the weeks to come, posts should be continuing without interruption.  Thank you for your patience!

Posted in administrative | Comments Off

 
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