Award-winning digital publication of the @StiglerCenter at @ChicagoBooth. RT/Follow≠endorsement
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#IndustrialPolicy was once so out of fashion that it was jokingly called “the policy that shall not be named.” Now it’s back in a big way.
Check out our first ever print edition of ProMarket, also available as a free #ebook: ms.spr.ly/6014gCRPu
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The complicated legacy of the “Chicago Boys” in Chile
promarket.org/2021/09/12/chi…
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Raghuram Rajan: Populist Nationalism Is “the First Step Toward Crony Capitalism”
promarket.org/raghuram-rajan…
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The rise of market power: On average, firms charged 67% over marginal cost in 2014, compared with 18% in 1980 promarket.org/rise-market-po…
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This is what consolidation in the banking industry looks like promarket.org/unambiguous-ev…
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French president Emmanuel Macron "wants the press controlled by oligarchs who are friends of his and also through political, judicial oppression of the press. His dream is ... a neutral and controlled press." @edwyplenel promarket.org/emmanuel-macro…
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"Alberto Alesina shaped the way in which we think about political economy, but more importantly he shaped the lives of many generations of economists,” @uclaanderson Paola Giuliano writes on @ProMarket_org : bit.ly/2yuBP8h
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A well-functioning capitalism needs a well-functioning democracy, which depends on a well-functioning media. So, is our media functioning well today? Has it ever?
Listen to the latest episode of Capitalisn't with @mtaibbi: capitalisnt.com/episodes/man…
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Does the fact that many high-profile economists belong to the top one percent influence their perspective on issues like taxation and inequality? Emmanuel Saez discusses his work with @gabriel_zucman. promarket.org/emmanuel-saez-…
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How did a group of Chicago-trained economists manage to turn Chile into the cradle of neoliberalism? As Chile aims to move away from their approach to economic policy, Chilean journalist @DMatamala discusses the legacy of the Chicago Boys. promarket.org/2021/09/12/chi…
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.@superwuster: “I think it’s crucial to break up Facebook, particularly from WhatsApp and Instagram. In some ways, I think the burden should be on Facebook to explain why they shouldn’t be broken up." promarket.org/crucial-break-…
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Overturning globalization won't help the Western middle classes who suffer from it. Redistributionist policies (including higher taxation of the rich and greater benefits for those whose jobs are destroyed) & long term education programs will @BrankoMilan promarket.org/the-inequality…
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"I think there is really a big distance between neoliberalism and proper, sound economics." @rodrikdani promarket.org/globalization-…
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.@gabriel_zucman, the rising scholar of taxation and inequality talks to ProMarket about the problems excessive economic power poses for open political systems and how states can tackle profit-shifting promarket.org/gabriel-zucman…
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The best political economy books of 2021, featuring books by @jan_eeckhout @Nina_EBanks @adam_tooze @nikkiusher @DianeCoyle1859 @DorothyABrown @_jonlevy @rortybomb and more
promarket.org/2021/12/22/bes…
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Early Facebook investor @Moonalice: "Facebook wasn’t hacked...the Russians used tools that were created for advertisers and they used them exactly the way they were meant to be [used]. It’s just that there was nobody was guarding the henhouse.” promarket.org/roger-mcnamee-…
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Nobel Prize-winning economist Angus Deaton on inequality and the American health care system: "It’s an exquisitely designed rent-seeking mechanism, where you can seek large rents without most people understanding what you’ve done" promarket.org/angus-deaton-d…
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@bethanymac12 on @JoeBiden and white collar criminals: “Does he really want them out of jail?” #DemDebate
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In a Mexican Establishment Rattled by Corruption Scandals, Impunity Reigns
promarket.org/mexican-establ…
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In a Mexican establishment rattled by corruption scandals, impunity reigns promarket.org/mexican-establ… @JohnMAckerman
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Richard Posner: “The Real Corruption Is the Ownership of Congress by the Rich”
promarket.org/richard-posner…
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Online influencers aren’t in the business of promoting just products anymore. New research finds that micro-influencers are increasingly used to spread political messages and disinformation, without disclosing who paid for it. promarket.org/2021/01/13/pro…
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.@JohnMAckerman on a Mexican establishment rattled by corruption scandals promarket.org/mexican-establ…
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“Any rational person would see that it makes absolutely no sense to have your health care associated with your employment. We are always just a layoff away from being uninsured." @wendellpotter on America's "collapsing" employer-based health care system.
promarket.org/2020/04/02/the…
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Corporate subsidies are a negative-sum game. They foster crony capitalism, hurt productivity growth and inflict great harm on product market competition.
promarket.org/subsidies-amaz…
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.@JohnMAckerman on a Mexican establishment rattled by corruption scandals promarket.org/mexican-establ…
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Economists typically assume that capitalists and workers are different people. A study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing.
promarket.org/2021/01/27/cap…
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NEW: @jonathanmasur and Eric Posner (both at @UChicagoLaw) argue that the @FTC's recent ban on noncompete clauses is lawful under the plain language of the FTC Act, longstanding court precedent, and well-established administrative law principles.
promarket.org/2024/05/08/the…
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"Whenever wealth is highly concentrated, wealth is also powerful [enough] to shape political outcomes."
Emmanuel Saez discusses his work with @gabriel_zucman and the disproportionate political power of the super-rich. promarket.org/emmanuel-saez-…
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A new paper by @J_C_Suarez @DinaPomeranz @gabriel_zucman @josevilabelda and Sebastian Bustos observing the effects of tax policy reform in Chile finds no increase tax revenues, but more business for the Big Four tax consulting firms promarket.org/2022/10/18/the…
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Judge Richard Posner, who announced his retirement today, on the "ownership of Congress by the rich” promarket.org/richard-posner…
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How market design economists helped engineer a mass privatization of public resources @glenweyl promarket.org/2020/05/28/how…
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“Emmanuel Macron is not a liberal, he just pretends to be" @edwyplenel promarket.org/emmanuel-macro…
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A new @StiglerCenter working paper analyzed 21 reports issued by 17 antitrust authorities and expert panels on digital platforms and competition. The reports largely agree that governments need to do more to promote competition in the digital world. promarket.org/2020/08/31/com…
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The inequality paradox: why inequality is rising within nations but decreasing worldwide @BrankoMilan promarket.org/the-inequality…
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Why has market concentration increased & why do we care? @jasonfurman on why the US needs to update its competition policies if it wants to have more investment, more dynamism, more productivity growth, less inequality and lower prices promarket.org/antitrust-in-a…
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The rise of market power: On average, firms charged 67% over marginal cost in 2014, compared with 18% in 1980 promarket.org/rise-market-po…
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Economists typically assume that capitalists and workers are different people. A study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing. promarket.org/2021/01/27/cap…
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New research by @MEDevEcon, @GiovanniFacchi5, and @valiguaran uncovers a pervasive disparity in how male and female candidates are recommended for academic job positions in #economics.
promarket.org/2023/07/07/gen…
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In recent decades, antitrust policy has all but ignored the issue of monopsony power. A new study by @Econ_Marshall @mioana and @joseazar shows just how bad the US labor market’s competition problem really is promarket.org/new-study-show…
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“Safety nets are most needed when change is rapid, and it is one of the reasons why America is doing so much worse—most obviously in deaths of despair—than are wealthy European countries.”
promarket.org/todays-inequal…
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“Emmanuel Macron is not a liberal, he just pretends to be" @edwyplenel promarket.org/emmanuel-macro…
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Richard Posner: “The Real Corruption Is the Ownership of Congress by the Rich” promarket.org/richard-posner…
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.@JohnMAckerman on a Mexican establishment rattled by corruption scandals promarket.org/mexican-establ…
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"The GameStop frenzy, far from a morality tale of the people showing up Wall Street elites, should show that something is seriously off-kilter about our society," writes
@matthewstoller promarket.org/2021/02/11/gam…
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Watch: Richard Posner on Congress ("owned by the rich"), the judicial system ("very crappy") & "antitrust ("dead") promarket.org/richard-posner…
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By their very nature, the models that economists often use to make predictions cannot take into account the unpredictable social and political shocks we might face due to the Covid-19 crisis. @BrankoMilan promarket.org/2020/06/04/why…
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“A loaded weapon”: @FukuyamaFrancis on the political power of digital platforms promarket.org/2020/12/04/fra…
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In an excerpt from her book, How China Escaped Shock Therapy: The Market Reform Debate, @IsabellaMWeber explains how China managed to achieve rapid growth without fully adopting shock therapy-style reforms. Revisit one of our most read pieces of 2022: ms.spr.ly/6014ee4Fu
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The real policy for which Obama will be known is not Obamacare, but bailing out the banks in 2008, helping the world realize that liberal democratic rhetoric was an ornamental cover for a system of concentrated financial & political power. @matthewstoller
promarket.org/how-antimonopo…
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We need more respectful and inclusive experiments in development economics: a proposal
promarket.org/2020/05/22/we-…
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Ten of our favorite #politicaleconomy books published in 2023:
promarket.org/2023/12/26/pro…
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The SEC, Tesla, and California’s Housing Crisis: @bethanymac12's weekend reading list promarket.org/bethany-mclean…
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Economists typically assume that capitalists and workers are different people. A new study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing.
promarket.org/2021/01/27/cap…
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The best political economy books of 2021, featuring @jan_eeckhout @Nina_EBanks @adam_tooze @nikkiusher @DianeCoyle1859 @DorothyABrown @AngelaZhangHK @_jonlevy @rortybomb and more promarket.org/2021/12/22/bes…
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"Nation-states are not the best units to combat climate change, because the emitters who should be targeted are the rich, regardless of where they live." @BrankoMilan promarket.org/nation-state-c…
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Alberto Alesina’s curiosity and intellect led him to a research path that opened up entire fields of research and deepened our understanding of political economy. @xftrebbi
promarket.org/2020/06/03/fro…
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James M. Buchanan trusted market mechanisms because he trusted individuals — by @alain_marciano
promarket.org/2021/05/16/jam…
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Economists typically assume that capitalists and workers are different people. A study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing. promarket.org/2021/01/27/cap…
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In recent decades, antitrust policy has all but ignored the issue of monopsony power. A new study by @Econ_Marshall @mioana and @joseazar shows just how bad the US labor market’s competition problem really is promarket.org/new-study-show…
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"Joseph Schumpeter, ironically remembered for glorifying the entrepreneur’s penchant for creative destruction and innovation, actually warned against exalting entrepreneurs as the redeemers of inefficient political systems." promarket.org/2021/01/03/ent…
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NEW: @NYUStern Professor Viral Acharya and @ChicagoBooth Professor Raghuram Rajan explain how quantitative easing contributed to the problems underlying the recent bank failures, such as that of #SiliconValleyBank (SVB).
promarket.org/2023/03/27/the…
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Delivering UChicago’s Convocation address, Luigi @zingales advised young graduates to embrace their power as consumers, workers, and citizens and fight corporate monopolies.
promarket.org/dear-graduates…
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"People getting rich is a good thing, especially when it brings prosperity to others. But the other kind of getting rich, 'taking' rather than 'making,' rent-seeking rather than creating... is making a mockery of democracy” promarket.org/todays-inequal…
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“Economics now points away from the laissez-faire approach”: @ColumbiaSIPA prof @snaidunl on Economics for Inclusive Prosperity, the new initiative he launched with @rodrikdani & @gabriel_zucman and why economics shouldn’t be conflated with neoliberalism.
promarket.org/economics-now-…
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NEW: @juhreka13 and @ClaudiaSteinwen evaluate the growing literature on 19th century industrial policy and possible paths for future research.
promarket.org/2024/02/12/set…
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Harold Demsetz and Israel Kirzner understood that competition regulates markets
promarket.org/2021/06/13/dem…
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Economists typically assume that capitalists and workers are different people. A study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing. promarket.org/2021/01/27/cap…
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"Two studies, one by @EconomicPolicy and another by @INETeconomics, estimate that the contribution to #inflation from higher profit margins are between two and three times as large as that of higher nominal wages," writes @HalSinger ms.spr.ly/6015bl4ct?
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EXCLUSIVE: This morning, ProMarket published a letter we received signed by 17 former DOJ and FTC Chief economists urging a substantial change to the Agencies' draft Merger Guidelines promarket.org/2023/11/27/let…
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Nobel laureate @paulmromer's model shows that if we use a test to determine who gets put into isolation, the fraction of the population that needs to be confined and isolated will be dramatically smaller.
Read more on ProMarket: promarket.org/testing-people…
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A new working paper finds that effective competition policy may be an important factor in lowering levels of economic inequality. More by @AmitZac1 in ProMarket: ms.spr.ly/6019w3llW
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Economists typically assume that capitalists and workers are different people. A study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing. promarket.org/2021/01/27/cap…
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“If globalization means ever-lower taxes for the rich and for multinational companies, and ever-higher taxes for those who presently don’t benefit from globalization—for retirees, for small businesses—then it’s a scam.”
promarket.org/gabriel-zucman…
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Before the civil rights movement captured the nation’s attention, activists and community groups were protesting against exploitative credit and exclusionary lending practices rooted in centuries of racial discrimination. @MehrsaBaradaran promarket.org/2021/06/06/jim…
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Trump is eliminating lobbyists by putting them in charge of all departments promarket.org/donald-trumps-…
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The Covid-19 crisis has exposed many problems with US healthcare. How can these flaws be remedied, and should the US move to a single-payer system right away, or opt for incremental reforms? @wendellpotter & @nealemahoney discuss. promarket.org/webinar-covid-…
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The Covid-19 crisis is unprecedented in its global scope and open-ended, uncontrollable progress. The models that economists often use to make predictions cannot take into account the unpredictable social and political shocks we might face. @BrankoMilan promarket.org/2020/06/04/why…
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Capitalism is the engine of prosperity. Capitalism sows the seeds of its own demise. Could both be right?
Listen to economists @katewaldock and @zingales talk shop in their upcoming podcast, Capitalisn't.
Subscribe now: itunes.apple.com/us/podcast/…
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In 2017, the FCC conducted an auction to reallocate spectrum from broadcasters to mobile communications companies. The way economists designed the auction included millions of profits for private equity firms, read @glenweyl and @StefanoFeltri : bit.ly/3gAFEKq
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“My conclusions may surprise some people who identify Chicago faculty, especially the economic and financial faculty, with a certain ideology," says @zingales in this @nytimes profile that discusses the work done at @StiglerCenter @ProMarket_org nytimes.com/2019/09/15/techn…
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"Being pro-market means lowering the profits of many businesses... competitive markets are not desirable for someone who wants to maximize shareholder value," says @jan_eeckhout promarket.org/2021/05/25/pro…
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Freiburg and Chicago: How the Two Worlds of Neoliberalism Drifted Apart Over Market Power and Monopolies promarket.org/2021/06/27/fre…
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"The world has changed, and inevitably the Chicago position has to change, too” @zingales and the @StiglerCenter on Antitrust and big tech, on the @nytimes promarket.org/the-world-has-…
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"By their very nature, the models that economists often use to make predictions cannot take into account the unpredictable social and political shocks we might face." @BrankoMilan
promarket.org/2020/06/04/why…
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“Power is evil in itself”: The Ordoliberal quest for a privilege-free order promarket.org/2021/03/28/ord…
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In late September, the @FTC sued #Amazon for using a set of anticompetitive strategies to maintain its monopoly. We asked four #antitrust experts to discuss the complaint’s arguments.
promarket.org/2023/11/09/fou…
🎙 @conlon_chris, Harry First, @Sherman1890, @ProfFionasm
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Why privacy experts need a place at the antitrust table, by @Caffar3Cristina and @johnnyryan
promarket.org/2021/07/28/pri…
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40 leading economists argue in a letter to the Congress regarding the $2 trillion package that’s meant to mitigate the economic impact of the coronavirus outbreak. #COVID19 #econtwitter #bailout promarket.org/economics-and-…
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In a new book, "The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism" ((@PrincetonUPress), Sebastian Edwards (@uclaanderson) details the history of #neoliberalism in Chile over the past seventy years. Read an excerpt:
promarket.org/2023/05/27/the…
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"As countries openly embrace industrial policies, social science—particularly economics—faces a knowledge deficit. Scholarship around industrial policy has left us bereft of a systematic understanding of these policies," write @straightedge and @juhreka13 promarket.org/2023/03/14/eco…
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"Patent databases may be a smoke screen that hides the true issues, problems, and dynamics of innovation behind the illusion that innovation is booming—and that patent activity measures the boom."
promarket.org/2021/03/19/pat…
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Thomas Piketty finds that left and center-left parties no longer represent working- and lower-middle-class voters. Instead, both the left- and right-wing parties have come to represent the intellectual and business elites promarket.org/democracy-fail…
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In a Mexican establishment rattled by corruption scandals, impunity reigns
promarket.org/mexican-establ…
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The @StiglerCenter at @ChicagoBooth, of which ProMarket is a part, is happy to announce the first cohort of its new Affiliate Fellows program, a multidisciplinary group of economists, business scholars, lawyers, and political scientists ms.spr.ly/6015bhWwJ
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The Profit Paradox: “What’s good for firms is not necessarily good for the workers”
promarket.org/2021/05/25/pro…
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.@BrankoMilan explains why, without major reforms, Western liberal capitalism could lead to plutocracy.
promarket.org/avoiding-pluto…
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Economists typically assume that capitalists and workers are different people. A study by @BrankoMilan and @bermanjoe, however, finds that the intersection between the top decile of capital-income recipients and labor-income earners is growing. promarket.org/2021/01/27/cap…
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Subsidies to Amazon Are Uneconomical, Un-American, and Unconstitutional
promarket.org/subsidies-amaz…
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A @nytimes profile by @daiwaka summarized the work done by Luigi @Zingales and the @stiglercenter on regulating digital platforms, describing it as a necessary evolution in the traditional Chicago approach. Revisit ahead of #StiglerAntitrust22: ms.spr.ly/6016w4eaa
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