The Archives

The collection of all scholarly commentary on law, economics, and more

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Professor Werner Z. Hirsch (1920-2009)

I worked for Professor Hirsch as a graduate student working my way through the economics and law programs at UCLA.  We wrote an article together on the law and economics of regulatory takings before the antitrust bug had taken hold of me.  I’ve still got a draft somewhere, I think.  I remember him as being ... Professor Werner Z. Hirsch (1920-2009)

Zingales on Capitalism After the Crisis

A very, very good essay. The whole thing is very much worth reading.  I suspect the concluding three paragraphs will get the most attention: We thus stand at a crossroads for American capitalism. One path would channel popular rage into political support for some genuinely pro-market reforms, even if they do not serve the interests ... Zingales on Capitalism After the Crisis

Shouldn't I Just Be Happy My Name is Spelled Correctly?

I’m not generally a big fan of blogging to complain about law reviews or the way that my work has been interpreted by others.  I’m generally of the view that the risk of having my work misinterpreted within a reasonable range is my own to bear, and that if it happens, it’s probably due to ... Shouldn't I Just Be Happy My Name is Spelled Correctly?

Antitrust, Multi-Dimensional Competition, and Innovation: Do We Have an Antitrust-Relevant Theory of Competition Now?

My essay on economics, innovation, and antitrust, forthcoming in Manne & Wright’s forthcoming volume on Regulating Innovation: Competition Policy and Patent Law Under Certainty (introductory chapter available here), is now available on SSRN.  The essay is a revisiting of a fundamental challenge Harold Demsetz offered to antitrust decades ago that I believe has gone, from ... Antitrust, Multi-Dimensional Competition, and Innovation: Do We Have an Antitrust-Relevant Theory of Competition Now?

Kobayashi and Wright on Antitrust Aspects of Intellectual Property and Standard Setting

[REPOSTED BECAUSE SSRN LINK INACTIVE EARLIER, CHAPTER IS NOW AVAILABLE FOR DOWNLOAD] Bruce Kobayashi and I have posted our forthcoming chapter, Intellectual Property and Standard Setting,  in the forthcoming ABA Antitrust Section Handbook on the Antitrust Aspects of Standard Setting.  It offers an analytical overview of the antitrust issues involving intellectual property and standard setting ... Kobayashi and Wright on Antitrust Aspects of Intellectual Property and Standard Setting

Pioneers of Law and Economics — Available Now

Pioneers of Law and Economics, a volume I edited alongside my colleague Lloyd Cohen, is now available at the Elgar Website.   I’m very happy with how the book came out in large part because of the fantastic group of contributors who agreed to take on chapters, including:  Harold Demsetz, Nuno Garoupa and Fernando Gomez-Pomar, Mark ... Pioneers of Law and Economics — Available Now

International Signals: The Political Dimension of International Competition Law Harmonization

Seth Weinberger and I have a new article up at SSRN injecting some IR theory into the debate over international antitrust law.   Abstract: The article, written jointly by a law professor and political science professor, endeavors to explain why the United States is particularly resistant to various efforts at international harmonization of antitrust law. While ... International Signals: The Political Dimension of International Competition Law Harmonization

Regulating Innovation: Competition Policy and Patent Law Under Uncertainty

Later this year Josh and I have an edited volume with the above title coming out with Cambridge University Press.  The list of contributors is phenomenal, including: Bob Cooter Vincenzo Denicolo Richard Epstein Luigi Franzoni Damien Geradin Keith Hylton Marco Iansiti Scott Kieff Bruce Kobayashi Haizhen Lee Stan Leibowitz Mark Lemley Doug Lichtman Steve Margolis ... Regulating Innovation: Competition Policy and Patent Law Under Uncertainty

Armen Alchian, Harold Demsetz and Ben Klein Should Win the 2009 Nobel Prize in Economics

With the start of the school year comes another fall tradition here at TOTM: Nobel speculation.  More specifically, every fall I yell from the rooftops that some combination of Armen Alchian, Harold Demsetz and Ben Klein should win the award.  In 2006, I argued that the UCLA trio outperformed the more conventionally wise trio of ... Armen Alchian, Harold Demsetz and Ben Klein Should Win the 2009 Nobel Prize in Economics

Another Way DOJ Might Pursue "Vigorous Antitrust Enforcement in This Challenging Era"

DOJ’s top antitrust enforcer Christine Varney had hardly gotten settled in her office before she repudiated the existing DOJ guidelines on policing single-firm conduct. In the spirit of Rahm Emanuel’s famous “never let a serious crisis go to waste” directive, Ms. Varney invoked the current economic crisis as grounds for her decision to throw out ... Another Way DOJ Might Pursue "Vigorous Antitrust Enforcement in This Challenging Era"

An Addendum on Jones v. Harris in Response to Professor Birdthistle: Ex Ante Competition, Cognitive Biases and Behavioral Economics

Professor Birdthistle has a very thoughtful reply to my earlier post over at the Conglomerate on Jones v. Harris and behavioral economics.  I thank Professor Birdthistle for his reply.  I’ve learned a great deal about Jones v. Harris from reading his posts at the Conglomerate and have no doubt that I’ll learn more from this ... An Addendum on Jones v. Harris in Response to Professor Birdthistle: Ex Ante Competition, Cognitive Biases and Behavioral Economics

Jones v. Harris and Some Ramblings on Burdens of Proof, Empirical Evidence, and Behavioral Law and Economics

Much has been made about the importance of Jones v. Harris as a battle in the ongoing war between behavioral economics  and rational choice/neoclassical framework (see, e.g. the NYT).   If the case if to be about the appropriate economic methodology or model for assessing legal questions, it is definitely an interesting turn to have Judge ... Jones v. Harris and Some Ramblings on Burdens of Proof, Empirical Evidence, and Behavioral Law and Economics