Showing archive for: “Economics”
Congratulations…but let’s not over do it
I was waiting to write something about today’s announcement of the Nobel Memorial Prize in Economics being awarded to Diamond, Mortensen, and Pissarides. Josh has already provided his thoughts and provided links to comments by Ed Glaeser and Steve Levitt, respectively. As they describe it, the honorees’ research provides a theory of unemployment, explaining why ... Congratulations…but let’s not over do it
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
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
Elgar Companion to Transaction Cost Economics
Peter Klein (over at Organizations and Markets) and I recently edited a volume for the Elgar Companion series titled The Elgar Companion to Transaction Cost Economics. At long last, the volume will be available in the US in November, 2010; in plenty of time for spring semester classes that might want to incorporate some or ... Elgar Companion to Transaction Cost Economics
Antitrust and Congress
Last Thursday and Friday, I attended a conference at Case Western Law School on the Roberts Court’s business law decisions. I presented a paper on the Court’s antitrust decisions. (The paper, described here, is now available on SSRN.) Adam Pritchard, Matt Bodie, and Brian Fitzpatrick presented papers considering the Court’s treatment of, respectively, securities law, ... Antitrust and Congress
The Complexity of Simple Economics
That’s the title of Steve Horwitz’s blog post reflecting on a recent celebration honoring the lifetime contributions of 1986 economics Nobel Prize winner James Buchanan. (HT: Art Cardin for pointing it out on FB) Horwitz describes Bachanan’s comments about how “the most basic insight of economics is fairly simple: the spontaneous order of the market.” ... The Complexity of Simple Economics
Which CFPB Will We Get?
Todd mentions Elizabeth Warren’s “kick off” speech for the CFPB, in which she accepts the new “President and Special Advisor to the Secretary of the Treasury?” gig, and tells us what the new Bureau is all about: The new consumer bureau is based on a pretty simple idea: people ought to be able to read ... Which CFPB Will We Get?
Love, marriage and firms
I’ve been working on the relationship between family law and business associations. My current paper, discussed here, shows why business association standard forms may be inappropriate for domestic relationships. Another question regarding the relationship between families and firms concerns the extent to which the family is a substitute for the firm as a business organization ... Love, marriage and firms
Competition in the Evolving Digital Marketplace–Congressional Hearing
I will be testifying tomorrow before the House Judiciary Committee’s Subcommittee on Courts and Competition Policy on competition in the digital marketplace. My testimony won’t be surprising to readers of this blog–in fact some of it was lifted directly from blog posts that have appeared here. Also on the panel are Richard Feinstein from the ... Competition in the Evolving Digital Marketplace–Congressional Hearing
