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Eighth Circuit Affirms District Court Against FTC in Lundbeck
Here’s the decision; here is my prior post concerning the district court decision. I suspect the FTC was fairly confident it would succeed in persuading the panel to reverse. The appeal turns on whether the district court was clearly erroneous in ruling that the FTC had failed to properly define a relevant market, and in ... Eighth Circuit Affirms District Court Against FTC in Lundbeck
The job-creation potential of start-ups
A friend who is very active in startups and angel investing in southern California emailed me about whether I knew of research on the potential multiplier effects of a company on job formation. Examples that came to her mind were eBay and Mary Kay, which create many small businesses. I thought of Google as an ... The job-creation potential of start-ups
A response to LawProf and MacEwen
I wasn’t going to comment on LawProf’s attacks on his profession. But now that it has been endorsed by Bruce MacEwen, aka Adam Smith, Esq., an otherwise insightful commentator on the legal profession, I feel compelled to say something. In a nutshell, MacEwen endorses what he says are LawProf’s three primary points: that the rising ... A response to LawProf and MacEwen
The Durbin Fee
Given the crucial role debit card “swipe” fees played in causing the recent financial crisis, Illinois Senator Dick Durbin insisted that the Dodd-Frank law (you know, the one that left Fannie and Freddie untouched) impose price controls on debit card transactions. Ben Bernanke, who apparently doesn’t have enough on his plate, was tasked with determining banks’ processing and fraud-related costs ... The Durbin Fee
Competing Against Bundled Discounts: Lessons from Regional Airlines
Flying back from a hiking trip to spectacular Glacier National Park (see pics below the fold), I overheard a flight attendant say something that made me think of, what else?, bundled discounts. “We also fly for Delta,” the United flight attendant told the woman in front of me. That’s when I realized I was really flying on ... Competing Against Bundled Discounts: Lessons from Regional Airlines
Remedying Skilling
The WSJ comments on bills in Congress to “remedy” the Supreme Court’s decision in U.S. v. Skilling by explicitly criminalizing agent conduct that doesn’t involve bribery or kickbacks: The biggest objection to such laws is their injustice, but they also harm the economy by introducing legal uncertainty that deters or delays business investment. A Congress ... Remedying Skilling
D.C. Auction Design Malpractice?
Zipcar apparently has been the exclusive user of the 84 or so parking spaces D.C. allocates to car-sharing companies until very recently when the District’s DOT put them up for auction: The city’s department of transportation offers what are now 84 curbside parking spaces to car-sharing companies, which had up until recently been all Zipcar’s. ... D.C. Auction Design Malpractice?
Research Handbook on the Economics of Family Law
Edward Elgar has published the Research Handbook on the Economics of Family Law — available here and here or here — co-edited by myself and Lloyd Cohen. While a bit outside my normal intellectual strike zone, its an area with such a diverse and important set of topics, a lot of cool data, and application ... Research Handbook on the Economics of Family Law
Doctors and lawyers
I have spent a lot of time recently thinking about and discussing the problems with lawyer licensing and regulation and how it unnecessarily increases the costs and decreases the utility of legal services (e.g., here). I often wonder, and get asked, what about medicine? Like why are there not enough doctors or other medical practitioners? ... Doctors and lawyers
Another move to over-fiduciarize investing
The WSJ comments on a dumb proposal by the Employee Benefits Security Administration to broaden the definition of “fiduciary” to cover brokerage services with respect to retirement accounts. As the WSJ notes, For decades the finance industry has provided investors roughly two kinds of services: the “advisory” model, in which an investment professional makes trading ... Another move to over-fiduciarize investing
Popular Criticism of the Proxy Access Case
Bob Monks has a lot to say about Business Roundtable v. SEC. Some notable quotes: “The DC Circuit now has really made a reputation over four or five years of throwing out SEC regulations. Their reason for doing it is that the SEC has failed to generate cost-benefit information that conforms with their interpretation of ... Popular Criticism of the Proxy Access Case
Uncorporate Kodak!
There are reports in the press that corporations are sitting on a huge cash pile — $1.2 trillion. Apple has over 70 billion. Today’s WSJ discusses Kodak (remember film?) which is burning through money it’s collected in patent litigation in a so far futile effort to compete in selling computer printers. Since the government can’t ... Uncorporate Kodak!
