Showing archive for: “Energy & Environment”
Pump and Circumstance: The Politics of Italy’s Fuel-Price Caps
The Italian government is claiming a victory at the pump. Eni, the country’s largest oil company, has announced a 30-day cap on retail fuel prices. Italy’s second-largest fuel retailer, IP, controlled by the State Oil Company of Azerbaijan Republic (Socar), followed suit, as did the third-largest, Q8. Smaller rivals warn that the caps could squeeze ... Pump and Circumstance: The Politics of Italy’s Fuel-Price Caps
NPU: Political Economy Without Economics
It appears that a new branch has forked off from the “hipster” neo-Brandeisian approach toward regulation, which styles itself as the study of “networks, platforms, and utilities” (NPU). Beginning with the 2022 publication of the “Networks, Platforms, and Utilities: Law and Policy” casebook by Morgan Ricks, Ganesh Sitaraman, Shelley Welton, and Lev Menand, NPU has ... NPU: Political Economy Without Economics
The Catch-22 of AICOA’s Guidelines
If S.2992—the American Innovation and Choice Online Act or AICOA—were to become law, it would be, at the very least, an incomplete law. By design—and not for good reason, but for political expediency—AICOA is riddled with intentional uncertainty. In theory, the law’s glaring definitional deficiencies are meant to be rectified by “expert” agencies (i.e., the ... The Catch-22 of AICOA’s Guidelines
Dead End Road: National Petroleum Refiners Association and FTC ‘Unfair Methods of Competition’ Rulemaking
Introduction The Federal Trade Commission (FTC) has long steered the direction of competition law by engaging in case-by-case enforcement of the FTC Act’s prohibition on unfair methods of competition (UMC). Recently, some have argued that the FTC’s exclusive reliance on case-by-case adjudication is too long and arduous a route and have urged the commission to ... Dead End Road: National Petroleum Refiners Association and FTC ‘Unfair Methods of Competition’ Rulemaking
Intermediaries: The Hero We Need?
In policy discussions about the digital economy, a background assumption that frequently underlies the discourse is that intermediaries and centralization always and only serve as a cost to consumers, and to society more generally. Thus, one commonly sees arguments that consumers would be better off if they could freely combine products from different trading partners. ... Intermediaries: The Hero We Need?
The Virtues and Pitfalls of Economic Models
Interrogations concerning the role that economic theory should play in policy decisions are nothing new. Milton Friedman famously drew a distinction between “positive” and “normative” economics, notably arguing that theoretical models were valuable, despite their unrealistic assumptions. Kenneth Arrow and Gerard Debreu’s highly theoretical work on General Equilibrium Theory is widely acknowledged as one of ... The Virtues and Pitfalls of Economic Models
Cooperation, Competition, and COVID-19
Cooperation is the basis of productivity. The war of all against all is not a good model for any economy. Who said it—a rose-emoji Twitter Marxist, or a card-carrying member of the laissez faire Chicago School of economics? If you guessed the latter, you’d be right. Frank Easterbrook penned these words in an antitrust ... Cooperation, Competition, and COVID-19
Goodhart and Bad Policy
[TOTM: The following is part of a blog series by TOTM guests and authors on the law, economics, and policy of the ongoing COVID-19 pandemic. The entire series of posts is available here. This post is authored by Eric Fruits, (Chief Economist, International Center for Law & Economics).] Wells Fargo faces billions of dollars of ... Goodhart and Bad Policy
Big Ink vs. Bigger Tech
[TOTM: The following is the fifth in a series of posts by TOTM guests and authors on the politicization of antitrust. The entire series of posts is available here.] This post is authored by Ramsi Woodcock, Assistant Professor, College of Law, and Assistant Professor, Department of Management at Gatton College of Business & Economics, University ... Big Ink vs. Bigger Tech
The Politicization of Antitrust Blog Symposium
The operative text of the Sherman Antitrust Act of 1890 is a scant 100 words: Section 1: Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract ... The Politicization of Antitrust Blog Symposium
Economics is Dead. Long Live Economics! A Review of The Economists’ Hour
John Maynard Keynes wrote in his famous General Theory that “[t]he ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men who believe themselves to be quite exempt from any intellectual influence, ... Economics is Dead. Long Live Economics! A Review of The Economists’ Hour
Kochland: An Inadvertent Paean to the Glories of the Free Market
A recently published book, “Kochland – The Secret History of Koch Industries and Corporate Power in America” by Christopher Leonard, presents a gripping account of relentless innovation and the power of the entrepreneur to overcome adversity in pursuit of delivering superior goods and services to the market while also reaping impressive profits. It’s truly an ... Kochland: An Inadvertent Paean to the Glories of the Free Market
