Symposium
Last updated on Apr 03, 2017
Truth on the Market co-founder Josh Wright’s term as a commissioner of the Federal Trade Commission *FTC) ended Aug. 24, 2015. Truth on the Market hosted a symposium — a collection of commentaries and contributions — honoring Josh’s tenure at the FTC. We invited contributions from a range of luminaries, including academics, practitioners, former FTC officials, and the like.
In This Symposium
Thomas Hazlett on Joshua Wright
Josh Wright is a tour de force. He has broken the mold for a Washington regulator — and created a new one. As a scholar, he carefully crafts his analyses of public policy. As a strategic thinker, he tackles the issues that redound to the greatest social benefit. And as a champion of competitive markets, ... Thomas Hazlett on Joshua Wright
Keith Hylton on Joshua Wright
When I first heard that Josh had resigned from the FTC, I wondered if the news would cause a stock market sell-off. I checked later that day, and the Dow closed slightly up, plus .39 percent. This suggests several possible explanations. One is that the stock market had already priced in Josh’s departure. Another is ... Keith Hylton on Joshua Wright
Ajit Pai on Joshua Wright
I was saddened to learn that Commissioner Joshua Wright is resigning from the Federal Trade Commission. Commissioner Wright leaves the agency with a tremendous legacy. He brought to the FTC’s decision-making groundbreaking economic analysis, such as his opinion in Ardagh/St. Gobain that the government should evaluate possible merger efficiencies under a standard of proof similar ... Ajit Pai on Joshua Wright
Josh Wright, Commissioner-Provocateur
Much ink will be spilled at this site lauding Commissioner Joshua (Josh) Wright’s many contributions to the Federal Trade Commission (FTC), and justly so. I will focus narrowly on Josh Wright as a law and economics “provocateur,” who used his writings and speeches to “stir the pot” and subject the FTC’s actions to a law ... Josh Wright, Commissioner-Provocateur
Joshua Wright: Embodying the Spirit of Bipartisanship
There’s an old saying, “It’s better to light a single bipartisan candle than to curse the darkness caused by your opponents.” This might not be the way most people articulate this proverb, but in Washington D. C. anyone who, like Commissioner Joshua Wright, puts so much effort into finding, developing, and promoting bipartisan agreement is ... Joshua Wright: Embodying the Spirit of Bipartisanship
The Legacy of Joshua Wright
When a presidential appointee leaves office, it is quite common to consider the person’s legacy to their department or agency. We are delighted to participate in this symposium and to reflect on the contributions of our friend, Commissioner Joshua Wright, to the Federal Trade Commission. To be sure, Commissioner Wright’s time at the FTC has ... The Legacy of Joshua Wright
Commissioner Joshua Wright: Colleague, Gentleman, Scholar, Public Servant
I join all the others in congratulating Professor Wright on his accomplishments at the FTC. As both an academic and government official myself, I’ve long benefited from Dr. Wright’s work in academia and in government. I’ve also greatly enjoyed a ring-side view of the his upbeat and thoughtful manner for constructively engaging the diverse perspectives ... Commissioner Joshua Wright: Colleague, Gentleman, Scholar, Public Servant
An Economist’s Touch: Josh Wright’s FTC Legacy
The FTC was the brain child of Progressive Era technocrats who believed that markets could be made to run more effectively if distinguished experts in industry and economics were just put in charge. Alas, as former FTC Chair Bill Kovacic has chronicled, over the Commission’s first century precious few of the Commissioners have been distinguished ... An Economist’s Touch: Josh Wright’s FTC Legacy
Josh Wright and the Limits of Antitrust
Alden Abbott and I recently co-authored an article, forthcoming in the Journal of Competition Law and Economics, in which we examined the degree to which the Supreme Court and the federal enforcement agencies have recognized the inherent limits of antitrust law. We concluded that the Roberts Court has admirably acknowledged those limits and has for ... Josh Wright and the Limits of Antitrust
Tim Muris on Joshua Wright
As the premier Antitrust scholar of his generation, Josh Wright’s appointment to the Federal Trade Commission promised to be noteworthy. He did not disappoint, having one of the most important and memorable tenures of any non-Chair over the 40 years that I have followed the agency closely. In numerous speeches, dissents, and a variety of other statements ... Tim Muris on Joshua Wright
Josh Wright’s Unfinished Legacy: Reforming FTC Consumer Protection Enforcement
Josh Wright will doubtless be remembered for transforming how FTC polices competition. Between finally defining Unfair Methods of Competition (UMC), and his twelve dissents and multiple speeches about competition matters, he re-grounded competition policy in the error-cost framework: weighing not only costs against benefits, but also the likelihood of getting it wrong against the likelihood ... Josh Wright’s Unfinished Legacy: Reforming FTC Consumer Protection Enforcement
Imagine
Imagine a world where competition and consumer protection authorities base their final decisions on scientific evidence of potential harm. Imagine a world where well-intentioned policymakers do not use “possibility theorems” to rationalize decisions that are, in reality, based on idiosyncratic biases or beliefs. Imagine a world where “harm” is measured using a scientific yardstick that ... Imagine
The essence of Josh Wright’s FTC tenure was to ensure that benefits outweigh costs; the rest is commentary
As the organizer of this retrospective on Josh Wright’s tenure as FTC Commissioner, I have the (self-conferred) honor of closing out the symposium. When Josh was confirmed I wrote that: The FTC will benefit enormously from Josh’s expertise and his error cost approach to antitrust and consumer protection law will be a tremendous asset to ... The essence of Josh Wright’s FTC tenure was to ensure that benefits outweigh costs; the rest is commentary