Archives For Law

Available here.  Although not the first article to build on Orin Kerr’s brilliant paper, A Theory of Law (blog post here) (that honor belongs to Josh Blackman’s challenging and thought-provoking paper, My Own Theory of the Law) (blog post here), I think this is an important contribution to this burgeoning field.  It’s still a working paper, though, so comments are welcome.

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 at the Federal Trade Commission.

Josh is widely regarded as the top antitrust scholar of his generation.  He is the author of more than 50 scholarly articles and book chapters, including several that were released as ICLE White Papers.  He is a co-author of the most widely-used antitrust casebook, and co-editor of three books on topics ranging from Competition Policy and Intellectual Property Law to the Intellectual History of Law and Economics.  And, of course, he is Truth on the Market’s most prolific blogger — a platform that has likely projected his influence more than any other.

Josh holds economics and law degrees from UCLA, and he is one of only a small handful of young antitrust scholars in the legal academy to hold both a PhD in economics as well as a JD.  If confirmed, he will also be only the fourth economist to serve as FTC Commissioner (following Jim Miller, George Douglas and Dennis Yao) and the first JD/PhD.

Josh’s scholarship and approach to antitrust are firmly grounded in the UCLA economics tradition, exemplified by the members of Josh’s dissertation committee — Armen Alchian, Harold Demsetz & Benjamin Klein.

For my part, I couldn’t be happier with Josh’s nomination.  Josh’s “error cost” approach to antitrust and consumer protection law will be a tremendous asset to the Commission.  His work is rigorous, empirically grounded, and ever-mindful of the complexities of the institutional settings in which businesses act and in which regulators enforce.  I am honored to have co-authored several articles with Josh, and, like many of the readers of this blog, I have learned an incredible amount about antitrust law and economics from my interactions with him.  The Commissioners and staff at the FTC will surely similarly profit from his time there.

Editors of the ABA Journal recently selected Truth on the Market as one of the top 100 law blogs. Blogs dedicated to law have proliferated in the last few years and of the 3,500 entries in their directory, the ABA Journal placed Truth on the Market among the top six dedicated to business law.

Congratulations are in order for all of those involved. Eric Helland, Thom Lambert, Larry Ribstein, Paul Rubin, Mike Sykuta, J.W. Verret, and Josh Wright are among the most insightful law & economics thinkers I know. Meanwhile, our excellent commenters turn the posts into great conversations and often provide thought-provoking points.  Some of our regular, pseudonymous commenters, in particular (you know who you are–and so do we!), have engendered some of our best–and most interesting–disputes.

Explaining the nomination, the Journal captured both the spirit and the mission of TOTM:

This blog’s academic commentary on economics, antitrust law and corporate governance is never stuffy. These profs make astute observations and find concrete examples to make their points—and very often, they think the point is that there should be less government regulation all around.

But we’re not done yet.  Until December 30, polls are open over at the ABA Journal to vote for your favorite blog in each of the categories.  We urge all of our readers to go to to register and to vote for Truth on the Market in the Business Law category. At the moment we’re neck and neck with our friend Prof. Bainbridge for the top slot.  It may be close, but the 8 of us should be able to best the 1 of him!

Thanks again to all our readers, commenters and to my fellow bloggers.