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The Boss Settles It
Is the Ticketmaster/Live Nation merger anticompetitive? Does it present an opportunity to test whether the DOJ will adopt the evasion of constraint theory of monopolization which I’ve criticized? These are academic questions. The matter has been settled by the Boss: A final point for now: the one thing that would make the current ticket situation ... The Boss Settles It
A Different Form of Competition
A DC area blog reader sends the following update on Inova’s successful attempts to forestall entry in Northern Virginia: The Loudoun County Board of Supervisors voted yesterday to reject a proposal by HCA Virginia to build a hospital in Loudoun, capping more than five years of fierce debate over how best to meet the rising ... A Different Form of Competition
More Hayek (and Buchanan), Less Keynes
Dick Armey has a nice op-ed in today’s Wall Street Journal. The piece, titled Washington Could Use Less Keynes and More Hayek, echoes points I made recently in criticizing the stimulus and advising President Obama on good stuff to read. Armey writes: Sound money policy, [Hayek argued], allowed the disparate knowledge of millions of economic ... More Hayek (and Buchanan), Less Keynes
Does this count as socialism? Maybe it’s fascism.
Oh, those monikers always confuse me. So much seems to hang on the right label. When does government intervention in the economy become so extreme that it is appropriate to label it socialist? Here at TOTM we’ve had this discussion before. But these labels are unhelpful–what matters is the economic effect of regulation. Call it ... Does this count as socialism? Maybe it’s fascism.
More Evasion of Pricing Constraints as Antitrust Violations: Vertical Merger Edition
I’ve criticized elsewhere what appears to the the FTC’s new “evasion of pricing constraint” theory of monopolization emerging from Ovation (see also here), N-Data, and Rambus. I expressed some concern that this theory had no limiting principles and was detached in important ways from sound economics: Here are a few examples of conduct the FTC ... More Evasion of Pricing Constraints as Antitrust Violations: Vertical Merger Edition
Zaring on the Panic of 1907
With an antitrust angle to boot: The Panic of 1907, published last year by Robert Bruner and Sean Carr, is a good blow by blow account of the action stations nature of a financial crisis, in this case one that began with a freezing of the credit markets, blew up with an ill-timed effort to ... Zaring on the Panic of 1907
Is it just me, or is Brad DeLong little more than an ideological hack? Krugman, too.
Hey, what a shock: Brad DeLong cites to a cursory and useless critique of the Efficient Market Hypothesis and declares it, with the author, “refuted.” Here’s Brad’s cite; here’s the original “refutation.” The complete list is absurd (there are five purportedly refuted doctrines, including “the case for privatization” and “individual retirement accounts.” Seriously? Yep.). Perhaps ... Is it just me, or is Brad DeLong little more than an ideological hack? Krugman, too.
Pssst Wall Street: Change the Name from Bonuses to "Making Work Pay" Credits
President Obama, widely admired for his willingness and ability to engage in nuanced analysis, painted with pretty broad strokes when he attacked the bonuses recently paid by Wall Street banks: One point I want to make is that all of us are going to have responsibilities to get this economy moving again. And when I ... Pssst Wall Street: Change the Name from Bonuses to "Making Work Pay" Credits
Stop Brad DeLong!
Few people in my small sphere of the world are taken as seriously as Brad DeLong, while still being as much of an ass as he is. The latest stems from his juvenile criticism of this masterful analysis of the stimulus situation by John Cochrane. Brad’s juvenile criticism is here. The thing is, it sounds ... Stop Brad DeLong!
Alpha = 0?
Geoff’s post about Kevin Murphy’s recent slides and analytical framework for thinking about the stimulus are worth reading and if you haven’t yet. Here’s a link to the video. Here’s Murphy’s analysis in a nutshell for those who haven’t: A Framework for Thinking about the Stimulus Package Let G = increase in government spending 1-a= ... Alpha = 0?
The Know Betters’ Stimulus Plan
National Economic Council Chairman Larry Summers was on Meet the Press yesterday defending President Obama’s proposed fiscal stimulus plan, which is heavily weighted toward government spending and away from tax cuts (and, to the extent it reduces taxes, does so via tax credits without cutting marginal rates). He started by emphasizing the magnitude of the ... The Know Betters’ Stimulus Plan
Varney Instead of Elhauge at DOJ?
So says Bloomberg. UPDATE: More from DOJ: The White House is expected to nominate Christine Varney, a former Federal Trade Commission member and Internet-law expert, as Justice Department antitrust chief, people briefed on the move said. Jon Leibowitz, a current FTC member, is the leading candidate for commission chairman, but the decision isn’t final, these ... Varney Instead of Elhauge at DOJ?
