In everyday life economics presents itself to us first and foremost as a problem of distribution, not of output, not of what economists would call “allocative efficiency.” This pizza place is ripping you off. That employer is lowballing you. In our intuitive economics, higher prices mean someone is taking money out of our pockets and […]
As I mentioned in an earlier post, the CPI/CCIA conference at Harvard Law School last month brought together establishment scholars from the left and right to consider the calls for radical antitrust reform emanating from the Open Markets Institute (OMI), calls that have captured the imagination of some sections of the press and the political […]
The Challenges to Antitrust in a Changing Economy conference, put on by CPI and CCIA at Harvard Law School two weeks ago, was an opportunity for today’s antitrust establishment, on both the (center) left and right, to react to recent calls from activists and journalists loosely associated with the Open Markets Institute for a radical […]
Education, or perhaps the better word is training, is the most important method of good governance in the unitary state because there is no market or public to discipline administration. Control of the mind is not just about dissent but about performance. Free speech rights undermine the unitary state as an effective organ by making […]
It is not freedom, but coherence, that we seek. I do not mind my role, if you can convince me that it matters.
I’m an engineer by training. I’m a very systems, process, methodical decision maker. He’s an entrepreneur. Different mind-set. Management runs publicly-traded companies like ExxonMobil. Owners run private firms. The former are bureaucracies, the latter, fiefs. The former are a progressive invention, the latter much older. There is managerial capitalism, and then there is finance capitalism. […]
An important point that didn’t make it into my opinion article arguing that the FTC should unwind Amazon’s acquisition of Whole Foods is this: Most people don’t buy groceries online today, but eventually they will. That’s why I wrote that Amazon’s website, along with its voice search service, Alexa, constitute an essential marketing platform, required […]
The trouble with governance by markets is that self-interest is highly unreliable. The theory is that a firm’s owner will optimize management of the firm because it is in the financial self-interest of the owner to do so. But here we have Eddie Lampert, owner of Sears, phoning it in to Indiana from his home […]