Showing archive for: “Economics”
Time for Congress to Cancel the FTC’s Section 5 Antitrust Blank Check
A debate is brewing in Congress over whether to allow the Federal Trade Commission to sidestep decades of antitrust case law and economic theory to define, on its own, when competition becomes “unfair.” Unless Congress cancels the FTC’s blank check, uncertainty about the breadth of the agency’s power will chill innovation, especially in the tech ... Time for Congress to Cancel the FTC’s Section 5 Antitrust Blank Check
The “Common Law Property” Myth in the Libertarian Critique of IP Rights (Part 2)
In Part One, I addressed the argument by some libertarians that so-called “traditional property rights in land” are based in inductive, ground-up “common law court decisions,” but that intellectual property (IP) rights are top-down, artificial statutory entitlements. Thus, for instance, libertarian law professor, Tom Bell, has written in the University of Illinois Journal of Law, ... The “Common Law Property” Myth in the Libertarian Critique of IP Rights (Part 2)
Prominent Professors, Deans and Former Government Officials Support Josh Wright’s Nomination to FTC
Today, thirty-one prominent deans, professors, and former government officials who specialize in law and economics and antitrust submitted a letter to the Senate Commerce Committee supporting Josh Wright‘s nomination to be a Commissioner at the Federal Trade Commission. The letter, which is addressed to Chairman John D. Rockefeller IV and Ranking Member Kay Bailey Hutchison of ... Prominent Professors, Deans and Former Government Officials Support Josh Wright’s Nomination to FTC
Section 5 of the FTC Act and monopolization cases: A brief primer
In the past two weeks, Members of Congress from both parties have penned scathing letters to the FTC warning of the consequences (both to consumers and the agency itself) if the Commission sues Google not under traditional antitrust law, but instead by alleging unfair competition under Section 5 of the FTC Act. The FTC is rumored to be ... Section 5 of the FTC Act and monopolization cases: A brief primer
Ginsburg & Wright on Behavioral Law and Economics: Its Origins, Fatal Flaws, and Implications for Liberty
My paper with Judge Douglas H. Ginsburg (D.C. Circuit; NYU Law), Behavioral Law & Economics: Its Origins, Fatal Flaws, and Implications for Liberty, is posted to SSRN and now published in the Northwestern Law Review. Here is the abstract: Behavioral economics combines economics and psychology to produce a body of evidence that individual choice behavior ... Ginsburg & Wright on Behavioral Law and Economics: Its Origins, Fatal Flaws, and Implications for Liberty
The anti-patent crowd seems to think your smartphone doesn’t actually exist
I respect Alex Tabarrock immensely, but his recent post on the relationship between “patent strength” and innovation is, while pretty, pretty silly. The entirety of the post is the picture I have pasted here. The problem is that neither Alex nor anyone else actually knows that this is “where we are,” nor exactly what the ... The anti-patent crowd seems to think your smartphone doesn’t actually exist
Josh Wright to be nominated to be next FTC Commissioner
Truth on the Market and the International Center for Law & Economics are delighted (if a bit saddened) to announce that President Obama intends to nominate Joshua Wright, Research Director and Member of the Board of Directors of ICLE and Professor of Law at George Mason University School of Law, to be the next Commissioner ... Josh Wright to be nominated to be next FTC Commissioner
Cass Sunstein Returns to Harvard
From the WSJ: White House regulatory chief Cass Sunstein is leaving his post this month to return to Harvard Law School, officials said Friday. Mr. Sunstein has long been an advocate of behavorial economics in setting policy, the notion that people will respond to incentives, and has argued for restraint in government regulations. As such, he was ... Cass Sunstein Returns to Harvard
Bryan Caplan and the National Review on 100 Years of Milton Friedman
Here. The most interesting part is Caplan’s take on why it is Friedman stands apart from other free-market thinkers: Why does Friedman stand apart from my other idols? In the end, it’s the absence of obscurantism. Friedman makes his points as simply, clearly, and bluntly as possible. He never rambles on. He never hides behind ... Bryan Caplan and the National Review on 100 Years of Milton Friedman
GMU Law & Economics Center Presents “Unlocking the Law: Building on the Work of Professor Larry Ribstein”
I’m very pleased to announce the George Mason Law & Economics Center is hosting a program focusing on our friend and colleague Larry Ribstein’s scholarship on the market for law. Henry Butler and Bruce Kobayashi have put together a really wonderful program of folks coming together not to celebrate Larry’s work — but to ... GMU Law & Economics Center Presents “Unlocking the Law: Building on the Work of Professor Larry Ribstein”
Some Skepticism About the Role of Behavioral Economics in the FTC’s Antitrust Analysis
Given the enthusiasm for application of behavioral economics to antitrust analysis from some corners of the Commission and the academy, I found this remark from Alison Oldale at the Federal Trade Commission interesting (Antitrust Source): Behavioral economists are clearly correct in saying that people and firms are not the perfect decision makers using perfect information ... Some Skepticism About the Role of Behavioral Economics in the FTC’s Antitrust Analysis
Contemplating Disclosure-Based Insider Trading Regulation
TOTM friend Stephen Bainbridge is editing a new book on insider trading. He kindly invited me to contribute a chapter, which I’ve now posted to SSRN (download here). In the chapter, I consider whether a disclosure-based approach might be the best way to regulate insider trading. As law and economics scholars have long recognized, informed stock trading may create both harms and benefits ... Contemplating Disclosure-Based Insider Trading Regulation
