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Beer v. Pot, Public Choice Edition

The political economy of alcohol regulation has always been fascinating.  But things took an interesting turn of late (HT: Marginal Revolution) when a beer industry trade group took a stand against a proposition that would legalize marijuana in California: The California Beer & Beverage Distributors is spending money in the state to oppose a marijuana ... Beer v. Pot, Public Choice Edition

Who caused the subprime bubble?

Mian, Sufi, and Trebbi have and answer in The Political Economy of the Subprime Mortgage Credit Expansion:  the government, mortgage lenders and mortgage borrowers.  Here’s the abstract: We examine how special interests, measured by campaign contributions from the mortgage industry, and constituent interests, measured by the share of subprime borrowers in a congressional district, may have ... Who caused the subprime bubble?

Obama Throws Gay People Under the Bus (Again).

Please do not miss this, folks. The President of the United States has now ordered his Department of Justice to fight a group of Republicans who secured a court ruling that the “Don’t Ask, Don’t Tell” policy is unconstitutional and are trying to have it enjoined. This from a man who promised during his campaign ... Obama Throws Gay People Under the Bus (Again).

Money Never Sleeps (but audiences might)

Ok, so I went and saw the movie, thanks to my entrepreneurial colleague Christine Hurt, who already has a post up.  Read this post for the basics.  I plan to follow up with a much longer analysis when I get the time.  Here’s some stuff that should suffice for now. First, the movie stinks.  It’s ... Money Never Sleeps (but audiences might)

Illinois Corporate Colloquium: Krawiec on Narratives of Corporate Board Diversity

Each fall I invite leading corporate scholars to present and discuss their recent work to faculty and students in the Illinois Corporate Colloquium.  I plan to discuss these papers here on TOTM.  This semester we started with Kim Krawiec (Duke) and her paper (with Lissa Broome and John Conley), Dangerous Categories: Narratives of Corporate Board ... Illinois Corporate Colloquium: Krawiec on Narratives of Corporate Board Diversity

Elgar Companion to Transaction Cost Economics

Peter Klein (over at Organizations and Markets) and I recently edited a volume for the Elgar Companion series titled The Elgar Companion to Transaction Cost Economics. At long last, the volume will be available in the US in November, 2010; in plenty of time for spring semester classes that might want to incorporate some or ... Elgar Companion to Transaction Cost Economics

The SEC takes heat over the Goldman suit

Per the WSJ, the SEC’s internal watchdog told the Senate Banking Committee that the SEC’s suit against Goldman was a “suspicious” attempt to “to distract attention from a report criticizing the SEC for failing to detect an alleged Ponzi scheme.” It’s not like I’m surprised.  Here’s my criticism of the suit and the settlement.  The only ... The SEC takes heat over the Goldman suit

Antitrust and Congress

Last Thursday and Friday, I attended a conference at Case Western Law School on the Roberts Court’s business law decisions. I presented a paper on the Court’s antitrust decisions. (The paper, described here, is now available on SSRN.) Adam Pritchard, Matt Bodie, and Brian Fitzpatrick presented papers considering the Court’s treatment of, respectively, securities law, ... Antitrust and Congress

Time to go

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 ... Time to go

I’m sorry II

Likewise.  I don’t retract a word of my prior post, in which I ventured to suggest that economic arguments might substitute for personal attacks.  If the comments to this blog over the last week represent the state of the discussion we are having about economic policy, then I truly fear for this country’s future.

Looking for a few good associates

The Philadelphia Inquirer’s Chris Mondics writes about statistics showing that first-year law firm associate salaries are not declining despite the apparent turmoil in the legal marketplace.  He asks whether this means “the big-law-firm model has come through unscathed after the worst downturn since the Great Depression. Well, actually, no.” In fact, he notes the revenue squeeze ... Looking for a few good associates

Antitrust Karma, the Microsoft-Google Wars, and a Question for Rick Rule

The WSJ recently published the next installment of the Microsoft-Google antitrust wars.  A Google representative argues “competition is one click away”; Charles (“Rick”) Rule, Microsoft’s antitrust attorney, argues that Google’s conduct might harm competition.  Rule’s main point is summed up in the first line of his piece: “what goes around comes around.”  The longer version ... Antitrust Karma, the Microsoft-Google Wars, and a Question for Rick Rule