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Crane on Carrier’s Innovation in the 21st Century

Congratulations to Mike on a very fine book, which I must admit I am still in the process of digesting.  I will confine my initial comments to Mike’s chapter on patent settlements (Chapter 15), which I understand will also be coming out as an article in the Michigan Law Review. Patent settlements involving “reverse payments” ... Crane on Carrier’s Innovation in the 21st Century

Capitalism is Good

A friendly reminder from Becker and Murphy: Consider the following extraordinary statistics about the performance of the world economy since 1980. World real gross domestic product grew by about 145 per cent from 1980 to 2007, or by an average of roughly 3.4 per cent a year. The so-called capitalist greed that motivated business people ... Capitalism is Good

JLE = UVA Law Review?

Brian Leiter put together an interesting survey on the “top 20” highest quality publishers of legal scholarship.  Here are the top 10: 1. Harvard Law Review  (Condorcet winner: wins contests with all other choices) 2. Yale Law Journal  loses to Harvard Law Review by 112–66 3. Columbia Law Review  loses to Harvard Law Review by 155–43, loses to ... JLE = UVA Law Review?

Congrats Professor Crane

Let me join Danny Sokol in congratulating Dan Crane in accepting a lateral offer at the University of Michigan.  Dan is one the clearest antitrust thinkers around and a bright star in the group of younger antitrust law profs.  I’m a big fan of his work.  But you don’t even have to go download all ... Congrats Professor Crane

AIG Isn't Too Big Too Fail

So says Lucian Bebchuk in the WSJ: While AIG has thus far been able to cover derivative losses using government funds, the possibility of large additional losses must be recognized. AIG recently stated that it still has about $1.6 trillion in “notional derivatives exposure.” Suppose, for example, that AIG ends up with losses equal to, ... AIG Isn't Too Big Too Fail

Gabriel on Trinko After Linkline

Manfred Gabriel (Antitrust Review) writes that Linkline extends the reach of Trinko in some important ways: The opinion of the court in Linkline, Chief Justice Roberts writes that Trinko: … makes clear that if a firm has no antitrust duty to deal with its competitors at wholesale, it certainly has no duty to deal under ... Gabriel on Trinko After Linkline

Free Trade Petition

Atlas Economic Research Foundation is circulating a petition in favor of free trade (HT Sasha Volokh).  The plan is to unveil the petition before the April 1 G20 meetings in London.  Here is the text of the petition.  You can sign it here if you are interested. Free Trade Is the Best Policy The specter ... Free Trade Petition

On the Whole Foods Settlement

Thom kicked off discussion of the FTC and Whole Foods’ settlement on a critical note: It’s pretty impressive that the Commissioners were willing to stand their ground in the face of evidence that Whole Foods wasn’t earning monopoly profits, that numerous grocery retailers are moving toward the Whole Foods format, that there are obvious economies ... On the Whole Foods Settlement

Because Barney Frank Knows Better Ways to Woo High-End Bank Clients

A couple of weeks ago, Rep. Barney Frank sent a snippy letter to Northern Trust, a Chicago-based bank that caters to very wealthy clients. Mr. Frank and some other Platonic guardians on the House Financial Services Committee were incensed that Northern Trust, a recipient of TARP funds, had sponsored and hosted clients at a California ... Because Barney Frank Knows Better Ways to Woo High-End Bank Clients

Varney Confirmation Hearings

Webcast and testimony are available. Here is the paragraph from the testimony setting forth objectives for the new DOJ enforcement regime with some brief commentary below: There are three main areas that, if confirmed, I will focus on as the Assistant Attorney General for Antitrust. First, we must rebalance legal and economic theories in antitrust ... Varney Confirmation Hearings

Who’s Your Nanny?

My law school classmate, M. Todd Henderson (Chicago Law), has posted an interesting paper on SSRN. The paper, entitled The Nanny Corporation and the Market for Paternalism, explores “Nannyism” by business firms and the government. Nannyism consists of imposing paternalistic rules designed to protect the governed — e.g., rules against smoking, drinking, over-eating, and engaging ... Who’s Your Nanny?

Evans and Schmalensee Webinar on Two-Sided Markets

Here is a link to the latest Competition Policy International Webinar series on antitrust issues in two-sided markets by David Evans and Richard Schmalansee. Here is the course description: It is now widely recognized by antitrust and economic scholars that analyzing competitive practices such as mergers and abuse of dominance in two-sided industries requires special ... Evans and Schmalensee Webinar on Two-Sided Markets