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Economics in one lesson
Several people, including Josh, have drawn my attention to John Hasnas’ excellent op-ed on the Sotomayor nomination in the WSJ last week. Just in case you don’t read the same blogs I do, I thought I’d highlight it here. It is brilliant. Here’s a taste: One can have compassion for workers who lose their jobs ... Economics in one lesson
Revisionist corporate governance
If you haven’t been living under a rock recently, you’ve seen an incredible amount of hand wringing–and proposed regulation–around “excessive compensation.” I’m a little too lazy to amass all the relevant links here, but both the administration and the congress are introducing regulations/bills and talking about the issue extensively. Commentators, too, have gotten in on ... Revisionist corporate governance
Some Links
A few blog posts that caught me eye today: Justin Wolfers with an accessible explanation of the identification problem with broadband usage data WSJ: The rumored EU remedy for the “new” Microsoft browser case — requiring the firm to distribute its product with “a so-called ballot screen that would present a new computer user with ... Some Links
Together Again: The FTC and DOJ Join Forces in American Needle v. NFL
The FTC joined the DOJ brief in American Needle v. National Football League arguing that the Supreme Court should deny certiorari. The brief characterizes the question presented as: Whether NFLP, the NFL, and the teams functioned as a “single entity” when granting the company an exclusive headwear license and therefore could not violate Section 1 ... Together Again: The FTC and DOJ Join Forces in American Needle v. NFL
Lambert's Latest on RPM in the William and Mary Law Review
The law and economics of RPM have been a frequent topic of discussion here for Thom and I especially, ranging from the empirical evidence on RPM, to competitive resale price maintenance without free riding, to the inappropriate use of the term “price-fixing” by journalists some who should know better to describe RPM, to the Commission’s ... Lambert's Latest on RPM in the William and Mary Law Review
Supreme Court Nominee Judge Sonia Sotomayor and Corporate and Securities Law
I have been asked a few times today to opine, as a corporate and securities law scholar, on President Obama’s nomination of Judge Sonia Sotomayor for the Supreme Court. (Cnn.com has a couple of quotes reflecting my thoughts.) I have three main comments: First, this is a pivotal time in American securities and corporate law jurisprudence. ... Supreme Court Nominee Judge Sonia Sotomayor and Corporate and Securities Law
Hylton, Manne and Wright in The Deal on Varney's Withdrawal of the Section 2 Report
Available here. An excerpt: But wholesale rejection of the document — the most complete statement to date on the law and economics of Section 2 — because of disagreement with some of its positions is irresponsible and premature. And the rejection of specific conclusions from among the range of possibilities discussed in the report without ... Hylton, Manne and Wright in The Deal on Varney's Withdrawal of the Section 2 Report
If A Tree Falls in a Forest and Nobody Hears It, Did the Bush Antitrust Division Cut It Down?
The NYT ran an unsigned editorial on “Intel and Competition” that, quite frankly, doesn’t make much sense to us. It offers two basic arguments: (1) that the Bush administration DOJ is responsible for the state of Section 2 law requirement that plaintiffs demonstrate actual consumer harm, and (2) that foreign antitrust jurisdictions’ pursuit of enforcement ... If A Tree Falls in a Forest and Nobody Hears It, Did the Bush Antitrust Division Cut It Down?
Peter Klein Throws Cold Water on New Economy Talk
Peter Klein of Organizations and Markets blog-fame kicked off the George Mason/ Microsoft Conference on the Law and Economics of Innovation a few weeks back with a talk on “Does the New Economy Need New A Economics?” His answer: No. This week, Peter takes aim at Wired’s Chris Anderson who predicts a massive shift toward ... Peter Klein Throws Cold Water on New Economy Talk
CPI Webinar: Economic and Legal Analysis of Collusion
Competition Policy International has announced its next Webinar, featuring Professors Bajari and Abrantes-Metz on the economic and legal analysis of collusion. I’ve had a blast doing these lectures the last couple of weeks teaching Antitrust Economics 101, and will be finishing up the third lecture this week (after covering basic demand side and supply side ... CPI Webinar: Economic and Legal Analysis of Collusion
RPM Workshop Testimony
I’ll be testifying tomorrow at the Federal Trade Commission hearings on Resale Price Maintenance. My panel will focus on rule of reason analysis of RPM Post-Leegin. There is a bit of awkwardness testifying about different modes of rule of reason analysis with legislation that would restore the Dr. Miles per se rule pending, but it ... RPM Workshop Testimony
Hylton, Manne and Wright in Forbes on Intel, Section 2 and Monopolization in the US
Available here. Here’s an excerpt: It turns out that it is a very difficult business to identify the few cases when low prices and aggressive competition might perversely end up harming consumers in the long run rather than simply making them better off. And the cost of erroneous antitrust enforcement, such as mistakenly condemning Intel’s ... Hylton, Manne and Wright in Forbes on Intel, Section 2 and Monopolization in the US
