“If no one else sues them, I will”
So says Nassim Nicholas Talem of Black Swan fame, referring to the Nobel committee for “legitimizing” economists, inducing reliance on their ideas, and thereby causing the financial crisis. According to the article, Taleb identified Harry Markowitz, Merton Miller and William Sharpe for their work on portfolio theory. Talem goes on to announce that he wants ... “If no one else sues them, I will”
Do Republicans Hate Behavioral Economics?
Ezra Klein has an interesting blog post covering Peter Diamond’s nomination to Federal Reserve Board. The standard refrain in this debate has been something like: “See! The Republicans blocked Diamond and now he won the Nobel — don’t they look silly now.” I don’t find the particular issue of comparing Diamond’s qualifications as an economist ... Do Republicans Hate Behavioral Economics?
Cooper and Wright on Post and Hold Laws at the DOJ Antitrust Division Tomorrow
Tomorrow, I’ll be presenting my work with James Cooper (FTC), State Regulation of Alcohol Distribution: The Effects of Post & Hold Laws on Output and Social Harms, at the DOJ Antitrust Division in the Economic Analysis Group Seminar. We’ve received great critical feedback and suggestions for the paper thus far in earlier presentations and suspect ... Cooper and Wright on Post and Hold Laws at the DOJ Antitrust Division Tomorrow
Nobel Prize for Unemployment Theory
Congratulations to Peter A. Diamond, Dale T. Mortensen, Christopher A. Pissarides for taking home the 2010 Nobel Prize. As Alex Tabarrok notes, this year’s prize can usefully be thought of as a prize for unemployment theory. See also Tyler Cowen’s profiles of Diamond, Mortensen, and Pissarides. I think the most useful short summary of this ... Nobel Prize for Unemployment Theory
Nobel Speculation Time
Every year around this time, I repeat my prediction that Armen Alchian, Harold Demsetz, and Ben Klein will win the Nobel Prize for contributions to the theory of the firm, property rights, and transaction cost economics. I understand that last year’s prize makes this combination less likely, but I see no reason to deviate. I ... Nobel Speculation Time
Misbehavioral Economics: The Case Against Behavioral Antitrust
In a policy speech earlier this year, Commissioner J. Thomas Rosch of the Federal Trade Commission advocating the incorporation of behavioral economics into antitrust analysis suggested one concern that others might have with the approach was that “behavioral economics was simply liberalism masquerading as economic thinking.” The Commissioner himself has been a vocal proponent of ... Misbehavioral Economics: The Case Against Behavioral Antitrust
Cooper and Wright Working Paper Cited in Congressional CARE Act Hearing
I’ve mentioned the CARE Act previously (here and here). On Wednesday, the House Committee on Courts and Competition held a hearing on the revised CARE Act — which would effectively immunize a host of anticompetitive state alcohol regulations from challenge. The policy tradeoffs here are that the higher prices and reduced consumption associated with competitive ... Cooper and Wright Working Paper Cited in Congressional CARE Act Hearing
In Elizabeth Warren We Trust?
Todd Zywicki chimes in (WSJ): The head of the Consumer Financial Protection Bureau is one of the most powerful bureaucratic positions ever created in the American political system. It can regulate or ban almost every consumer credit product in the country, yet it is beyond Congress’s power of the purse because its budget is guaranteed ... In Elizabeth Warren We Trust?
Some Praise for the FTC
We dole out at least our fair share of criticism for the Federal Trade Commission here. Now its time for some credit where its due. Historically, one of the consistent highlights of the Commission’s output has been its competition policy advocacy work. In this case, the FTC (or at least the Bureau of Competition, Bureau ... Some Praise for the FTC
A Plug and Some Links
I’ll be talking about the Intel Settlement in an ABA program, The Intel Settlement: A Perspective From the Trenches, today at lunchtime along with a great group of panelists with a wide variety of perspectives on the issue, Kyle Andeer (FTC Counsel), Ken Glazer (KL Gates), and Henry Thumann (O’Melveney & Myers). If you’re interested, ... A Plug and Some Links
Talking About Intel
I’ll be discussing Intel on a few occasions the next few weeks. The first is an ABA teleconference on: The Intel Settlement: A Perspective From the Trenches, this Wednesday from 12-130 ET, along with Kyle Andeer (FTC Counsel), Ken Glazer (KL Gates), and Henry Thumann (O’Melveney & Myers). The focus will be on implications of ... Talking About Intel
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
