The Federal Trade Commission (FTC) announced in a notice of proposed rulemaking (NPRM) last month that it intends to ban most noncompete agreements. Is that a good idea? As a matter of policy, the question is debatable. So far as the NPRM is concerned, however, that debate is largely hypothetical. It is unlikely that any ... No, Chevron Deference Will Not Save the FTC’s Noncompete Ban
In 1972, a case came before Aubrey E. Robinson, Jr., a judge on the U.S. District Court for the District of Columbia, involving the scope of the Federal Trade Commission’s (FTC) regulatory authority. Section 5(a)(1) of the Federal Trade Commission Act outlaws “unfair methods of competition.” Section 6(g) says that the FTC may “make rules ... National Petroleum Refiners v FTC: A Tale of Two Opinions
A boy throws a brick through a bakeshop window. He flees and is never identified. The townspeople gather around the broken glass. “Well,” one of them says to the furious baker, “at least this will generate some business for the windowmaker!” A reasonable statement? Not really. Although it is indeed a good day for the ... Big Tech and the Parable of the Broken Window
The pandemic is serious. COVID-19 will overwhelm our hospitals. It might break our entire healthcare system. To keep the number of deaths in the low hundreds of thousands, a study from Imperial College London finds, we will have to shutter much of our economy for months. Small wonder the markets have lost a third of ... There is No Cure for Government Incompetence
In the spring of 1669 a “flying coach” transported six passengers from Oxford to London in a single day. Within a few years similar carriage services connected many major towns to the capital. “As usual,” Lord Macaulay wrote in his history of England, “many persons” were “disposed to clamour against the innovation, simply because it ... The Snobbery of Bashing Big Tech
Complexity need not follow size. A star is huge but mostly homogenous. “It’s core is so hot,” explains Martin Rees, “that no chemicals can exist (complex molecules get torn apart); it is basically an amorphous gas of atomic nuclei and electrons.” Nor does complexity always arise from remoteness of space or time. Celestial gyrations can be ... Can Experts Structure Markets? Don’t Count On It.