Showing archive for: “Economics”
Ronald Coase on regulation
As Gus said, there will be much more to say, and much more said by others, on Coase’s passing. For now, I offer this excerpt from a 1997 Reason interview he gave with Tom Hazlett: Hazlett: You said you’re not a libertarian. What do you consider your politics to be? Coase: I really don’t know. I don’t reject ... Ronald Coase on regulation
Ronald Coase, 1910-2013
Many more, who will do far more justice than I can, will have much more to say on this, so I will only note it here. Ronald Coase has passed away. He was 102. The University of Chicago Law School has a notice here. The first thing I wrote on the board for my students this ... Ronald Coase, 1910-2013
James Cooper on the Limits of Section 5’s Scope Beyond the Sherman Act
The FTC has long been on a quest to find the elusive species of conduct that Section 5 alone can tackle. A series of early Supreme Court cases interpreting the FTC Act – the most recent and widely cited of which is more than forty years old (FTC v. Sperry & Hutchinson Co., 405 U.S. ... James Cooper on the Limits of Section 5’s Scope Beyond the Sherman Act
Thom Lambert on Guidelines for the FTC’s UMC Authority: What’s Clear and What’s Not?
In the last few weeks, two members of the FTC—Commissioners Josh Wright and Maureen Ohlhausen—have staked largely consistent positions on guidelines for implementation of the Commission’s “unfair methods of competition” (UMC) authority. Their statements make two points that are, in my opinion, no-brainers. Where the statements conflict, they raise an issue worthy of significant contemplation. ... Thom Lambert on Guidelines for the FTC’s UMC Authority: What’s Clear and What’s Not?
Why I think the Apple e-books antitrust decision will (or at least should) be overturned
On July 10 a federal judge ruled that Apple violated antitrust law by conspiring to raise prices of e-books when it negotiated deals with five major publishers. I’ve written on the case and the issues involved in it several times, including here, here, here and here. The most recent of these was titled, “Why I ... Why I think the Apple e-books antitrust decision will (or at least should) be overturned
Commissioner Wright goes down swinging over amendments to the FTC’s HSR rules
Last week, over Commissioner Wright’s dissent, the FTC approved amendments to its HSR rules (final text here) that, as Josh summarizes in his dissent, establish, among other things, a procedure for the automatic withdrawal of an HSR filing upon the submission of a filing to the U.S. Securities and Exchange Commission announcing that the notified transaction has been terminated. I discussed the proposed amendments ... Commissioner Wright goes down swinging over amendments to the FTC’s HSR rules
Tesla and the Auto Dealers Lobby
In Continental T.V. v. GTE Sylvania (1977), Justice Powell observed that antitrust law should go easy on manufacturer restraints on dealer resale because manufacturers could always decide to integrate forward into distribution and bypass dealers altogether. As anyone who has followed electric car manufacturer Tesla’s recent travails will know, Justice Powell’s observation is not true ... Tesla and the Auto Dealers Lobby
Commissioner Wright lays down the gauntlet on Section 5
As Thom noted (here and here), Josh’s speech at the ABA Spring Meeting was fantastic. In laying out his agenda at the FTC, Josh highlighted two areas on which he intends to focus: Section 5 and public restraints on trade. These are important, even essential, areas, and Josh’s leadership here will be most welcome. I’m ... Commissioner Wright lays down the gauntlet on Section 5
The SHIELD Act: When Bad Economic Studies Make Bad Laws
Earlier this month, Representatives Peter DeFazio and Jason Chaffetz picked up the gauntlet from President Obama’s comments on February 14 at a Google-sponsored Internet Q&A on Google+ that “our efforts at patent reform only went about halfway to where we need to go” and that he would like “to see if we can build some ... The SHIELD Act: When Bad Economic Studies Make Bad Laws
Josh Wright begins making his mark at the FTC by pushing cost-benefit analysis
Although it probably flew under almost everyone’s radar, last week Josh issued his first Concurring Statement as an FTC Commissioner. The statement came in response to a seemingly arcane Notice of Proposed Rulemaking relating to Hart-Scott-Rodino Premerger Notification Rules: The proposed rules also establish a procedure for the automatic withdrawal of an HSR filing when ... Josh Wright begins making his mark at the FTC by pushing cost-benefit analysis
James M. Buchanan — 1919-2013
Yet another loss of a giant in the world of law and economics. On December 19, it was Robert Bork. Today, we lost economist James M. Buchanan, Nobel laureate, George Mason professor, and one of the fathers of Public Choice economics. Regular readers of TOTM will know that several of us–including yours truly–have been heavily influenced by the insights of Public ... James M. Buchanan — 1919-2013
FTC Deservedly Closes Google Antitrust Investigation Without Taking Action
I have been a critic of the Federal Trade Commission’s investigation into Google since it was a gleam in its competitors’ eyes—skeptical that there was any basis for a case, and concerned about the effect on consumers, innovation and investment if a case were brought. While it took the Commission more than a year and ... FTC Deservedly Closes Google Antitrust Investigation Without Taking Action
