ProMarket

Applications still open for the Stigler Affiliate Fellows Program. Apply by January 23, 2026 at chicagobooth.edu/stigleraffiliate!

📢 ONE WEEK left to apply for our 2026 #StiglerAffiliate Fellowship!

Don't miss your chance to join and collaborate with our global community of economists, political scientists, business and legal scholars researching political economy and more.

Apply now at chicagobooth.edu/stigleraffiliate!

With the aim of supporting the research of up-and-coming academics, the Stigler Center Affiliate Fellowship is designed to strengthen and cultivate a community of scholars worldwide working on political economy and related fields. Applications for the 2026 Program due by January 23, 2026. Learn more and apply at chicagobooth.edu/stigleraffiliate.

📢 There's 1 MONTH left to apply for the 2026 #StiglerAffiliate Fellowship at Chicago Booth. We're looking for pre-tenure scholars to join our community of researchers exploring political economy, regulatory capture, and more.

Apply by January 23, 2026: chicagobooth.edu/stigleraffiliate

An illustration of a ballot being dropped into a box by a hand as another hand points to it.

Elon Musk could become the world’s first trillionaire after #Tesla shareholders approved a $1 trillion compensation plan for the CEO.

Revisit our ProMarket series on Tesla’s corporate governance by Lucian Bebchuk and Robert J. Jackson Jr. (@nyulaw.bsky.social): www.promarket.org/tag/musk-tes...

Brazil's Fair Digital Competition Bill Offers an Alternative to Regulating Big Tech - ProMarket Beatriz Kira argues that Brazil's proposed digital competition bill shows how the Global South can strengthen regulation of Big Tech platforms without forfeiting competitiveness. Brazil's efforts build on global models yet chart their own course and belie the false dichotomy between encouraging national business development and protecting competition and its benefits.

Beatriz Kira (@sussex.ac.uk) argues that Brazil’s proposed digital competition bill shows how the Global South can strengthen regulation of Big Tech platforms without forfeiting competitiveness.

The New Geoeconomics of Hard Power Requires New Tools. Will Europe Update? - ProMarket Europe is acutely aware it has fallen behind competitively, but it is struggling to find a way to recover lost ground. Cristina Caffarra writes that Europe did not find any inspiration in the American anti-monopoly movement, which underpinned the whole-of-government approach of the Biden administration. It is also faltering in developing a response to the vigorous array of tools deployed by the Trump administration to assert power at home and on the world stage. It does not need to be this way, as Europe has tremendous assets and capabilities. But it needs investment and leadership, boldness and experimentation in vision and policy design. Policymakers are beginning to see the urgency, but there is still too much narrow defensive posture by regulators sticking to their patch.

NEW: Europe is acutely aware it has fallen behind competitively, but it is struggling to find a way to recover lost ground. It does not need to be this way, as Europe has tremendous assets and capabilities. But it needs investment and leadership, writes @cristinacaffarra.bsky.social.

How the Pursuit of Bigness, Geopolitical Hegemony, and Crony Capitalism Are Threatening Antitrust’s Rule of Law - ProMarket Eleanor M. Fox and Harry First warn that global strategies and political pressures are undercutting the neutral, rule-of-law competition system.

Eleanor M. Fox and @harry1st.bsky.social (@nyulaw.bsky.social) warn that global strategies and political pressures are undercutting the neutral, rule-of-law competition system.

www.promarket.org/2025/11/04/h...

Europe Needs First A Consolidated Internal Market. Business Consolidation May Follow - ProMarket Xavier Vives argues that to create firms that can compete on the international level, the European Union does not need to ease its merger regime or encourage market power. Rather, encouraging European market integration will allow firms to draw in investment and scale up their operations.

Xavier Vives (@iese.bsky.social) argues that to create firms that can compete on the international level, the EU does not need to ease its merger regime or encourage market power. Rather, encouraging European market integration will allow firms to draw in investment and scale up their operations.

The Political Instrumentalization of Competition and Antitrust Enforcement - ProMarket Ariel Ezrachi warns about the rising trend of political instrumentalization of antitrust and competition enforcement and its consequences.

NEW: Ariel Ezrachi warns about the rising trend of political instrumentalization of antitrust and competition enforcement and its consequences.

www.promarket.org/2025/10/31/t...

A Pro-Market Framework for Driving Decarbonization: Part II - ProMarket Corporate decarbonization policy has stagnated under ideological divisions. Arguing that anthropogenic emissions are driven by customer preferences and that such preferences can shift with improved information, Karthik Ramanna advocates for a new approach: an economy-wide system of reliable and comparable accounts of the embedded emissions in products to allow customers (and investors) to make more-informed decisions aligned with underlying preferences. In part II of his two-part series (read part I here), Ramanna explores the principles of an accounting methodology to provide better greenhouse gas emissions data to business customers and consumers and the reasons why, based on historical precedent, such a system is readily adoptable and likely to prove effective.

NEW: Karthik Ramanna (@blavatnikschool.bsky.social) explores the principles of an accounting methodology to provide better greenhouse gas emissions data to business customers & consumers & the reasons why, based on historical precedent, such a system is readily adoptable & likely to prove effective.

A Pro-Market Framework for Driving Decarbonization: Part I - ProMarket Corporate decarbonization policy has stagnated under ideological divisions. Arguing that anthropogenic emissions are driven by customer preferences and that such preferences can shift with improved information, Karthik Ramanna advocates for a new approach: an economy-wide system of reliable and comparable accounts of the embedded emissions in products to allow customers (and investors) to make better-informed decisions aligned with underlying preferences. In the first of two articles, Ramanna discusses why top-down regulatory approaches to reduce greenhouse gas emissions have failed to generate decarbonization at meaningful scales and the virtues of a pro-market approach to incentivizing and enabling greener corporate and consumer behavior.

NEW: Karthik Ramanna (@blavatnikschool.bsky.social) discusses why top-down regulatory approaches to reduce greenhouse gas emissions have failed to generate decarbonization at meaningful scales & the virtues of a pro-market approach to incentivizing & enabling greener corporate & consumer behavior.

Resisting the Politicization of Antitrust and Regulation - ProMarket Diana L. Moss reviews the increasing politicization of antitrust and regulation in the United States and what avenues are available to resist the corruption of due process and usurpation of the rule of law.

NEW: Diana Moss reviews the increasing politicization of antitrust and regulation in the United States and what avenues are available to resist the corruption of due process and usurpation of the rule of law.

www.promarket.org/2025/10/28/r...

Fair and Efficient Data-Sharing From Google Requires a More Advanced Regulatory Approach - ProMarket Drawing on her working paper, Giovanna Massarotto discusses three algorithmic approaches to how Google can fairly and efficiently share its data with rivals per the requirements of a court's mandated remedy for illegally monopolizing the online search market.

NEW: Drawing on her working paper, Giovanna Massarotto (@penncareylaw.bsky.social) discusses three algorithmic approaches to how Google can fairly and efficiently share its data with rivals per the requirements of a court’s mandated remedy for illegally monopolizing the online search market.

Market Power Shifts Tariff Costs to Suppliers - ProMarket Many studies have assumed that United States tariff costs are passed onto consumers. In new research, Vanessa Alviarez, Michele Fioretti, Ken Kikkawa, and Monica Morlacco argue that buyer-seller relationship dynamics allow dominant U.S. importers to instead force higher costs onto exporters.

NEW: Many studies have assumed that United States tariff costs are passed onto consumers. In new research, Vanessa Alviarez, Michele Fioretti, Ken Kikkawa, and Monica Morlacco argue that buyer-seller relationship dynamics allow dominant U.S. importers to instead force higher costs onto exporters.

How the Law Protects and Promotes Corporate Misconduct - ProMarket Corporate crimes like fraud continue unabated in the United States. Jennifer Taub defines a chief reason as “accountability theater,” or the propensity of government prosecutors to pursue out-of-court civil settlements rather than criminal trials that, though they might lose them, would publicize the extent of corporate misconduct and better deter future abuse.

NEW: Corporate crimes like fraud continue unabated in the US. @jentaub.bsky.social defines a chief reason as “accountability theater,” or the propensity of prosecutors to pursue out-of-court civil settlements rather than criminal trials that would publicize the extent of corporate misconduct.

A Voluntary AI Rating System Can Balance Innovation and Consumer Protection - ProMarket States are beginning to impose idiosyncratic rules on artificial intelligence chatbots and other offerings in response to harms to consumers. Rather than create a fragmented regulatory system that will discourage AI innovation and growth, the AI industry, with the help of the federal government, should encourage a ratings system to improve transparency and protection for [...]

NEW: Rather than create a fragmented regulatory system that will discourage AI innovation and growth, the AI industry, with the help of the federal government, should encourage a ratings system to improve transparency and protection for consumers, writes @kevintfrazier.bsky.social.

The Challenge of Accountability Under US Business Law - ProMarket Elizabeth Pollman reviews barriers for holding corporations and their fiduciaries accountable under corporate and securities law.

NEW: Elizabeth Pollman (@penncareylaw.bsky.social) reviews barriers for holding corporations and their fiduciaries accountable under corporate and securities law.

www.promarket.org/2025/10/21/t...

Will GenAI Break Google’s Dominance in Search? - ProMarket Judge Amit Mehta shaped his remedies in the Google Search case on the assumption that startups developing generative artificial intelligence models can restore competition in internet search. Mihir Kshirsagar analyzes the barriers to entry these startups face—scale, distribution, defaults, data and integration advantages, and content access—to show how Big Tech is still in control of the future of the search industry.

NEW: Judge Amit Mehta shaped his remedies in the Google Search case on the assumption that startups developing generative artificial intelligence models can restore competition in internet search. Mihir Kshirsagar (@princetoncitp.bsky.social) analyzes the barriers to entry these startups still face.

"Conservative" Antitrust: Something Possibly Kind of New Under the Sun, Maybe - ProMarket Chris Sagers suggests that something significant could be happening in antitrust, though it probably remains academic for now, and it is hidden behind political messaging that in recent times has gotten most of the attention. He argues that the populist or politicizing talk of antitrust leaders during both the present administration and the last one has grown more detached from real-world administration. But he argues that there may be real change going on behind the scenes, as expressed in positions among some conservatives and Republican office-holders. He argues that the libertarian orthodoxy of the Chicago School no longer defines "conservative" antitrust, and that the range of plausible disagreement may genuinely be changing.

NEW: Chris Sagers suggests that something significant could be happening in antitrust, though it probably remains academic for now, and it is hidden behind political messaging that in recent times has gotten most of the attention.

www.promarket.org/2025/10/17/c...

New Capitalisn't episode out tomorrow! Available on Apple Podcasts, Spotify, YouTube, and capitalisnt.com

With investments in #AI skyrocketing, are we witnessing a genuine revolution or the early stages of a crash? @zingales.bsky.social and @bethanymclean.bsky.social discuss tomorrow on an all new #Capitalisnt.

Don’t miss it, subscribe now: capitalisnt.com

On this recent #Capitalisnt, economist Takeo Hoshi explains how Japanese companies shifting from full-time to mostly part-time workers masked the true decline in #Japan's GDP per hour worked.

Watch the full conversation, now available on YouTube: youtube.com/watch?v=ojXqRc6krMI

The New Conservative Antitrust Is Not Here To Last - ProMarket Gus Hurwitz explores the tenets of conservative antitrust under the second Trump administration and why it is unlikely to establish a lasting influence.

NEW: @gushurwitz.bsky.social (@penncareylaw.bsky.social) explores the tenets of conservative antitrust under the second Trump administration and why it is unlikely to establish a lasting influence.

New Right vs. Conservative Antitrust - ProMarket Thomas A. Lambert argues that the conservative antitrust program articulated by the antitrust enforcers of the Second Trump administration hardly resembles the conservative antitrust of previous decades. Its divergences will likely end up harming consumers.

NEW: Thomas A. Lambert argues that the conservative antitrust program articulated by the antitrust enforcers of the Second Trump administration hardly resembles the conservative antitrust of previous decades. Its divergences will likely end up harming consumers.

Barriers to Entry as Another Source of Top Income Inequality - ProMarket A new book, The Power of Creative Destruction, explores how lobbying contributes to the increase in the top 1 percent’s share of income.

Congratulations to Philippe Aghion on receiving the #NobelPrize in Economics!

In 2021, we shared an excerpt of the book he co-authored, “The Power of Creative Destruction,” @harvardpress.bsky.social which explored how #lobbying contributes to increasing the top 1 percent’s share of income.

The New “Conservative” Merger Policy Is Not Antitrust. It’s Anti-Speech - ProMarket Rebecca Haw Allensworth writes that the hallmark of the new conservative antitrust is not economic populism but silencing speech that the Trump administration ideologically opposes.

NEW: Rebecca Haw Allensworth writes that the hallmark of the new conservative antitrust is not economic populism but silencing speech that the Trump administration ideologically opposes.

Will Trump’s Drug-Pricing Order Reduce Prices for Americans? - ProMarket President Donald Trump has, across two administrations, sought to lower drug prices for Americans, most recently with executive order “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients.” Margherita Colangelo explains why his order is unlikely to accomplish its goal.

NEW: President Donald Trump has, across two administrations, sought to lower drug prices for Americans, most recently with executive order “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients.” Margherita Colangelo explains why his order is unlikely to accomplish its goal.

The Political Economy of Distrust in Science - ProMarket Skewed incentives and the distribution of resources toward corporations have undermined the integrity of scientific research and contributed to the public's distrust in expertise. Matt Lucky explores the political economy of scientific research and potential reforms to bring scientific research closer to its ideals. Various scholars and commentators have lamented the crisis of public trust [...]

NEW: Skewed incentives and the distribution of resources toward corporations have undermined the integrity of scientific research and contributed to public distrust in expertise. Matt Lucky explores the political economy of scientific research and potential reforms to bring it closer to its ideals.

There Is Only Democratic Antitrust - ProMarket Reed Showalter argues that the suggestion that antitrust can be ringfenced from democracy or the democratic process is erroneous. Antitrust is fundamentally a body of law designed to meet citizens' basic needs, sustain the marketplace of ideas, and protect democracy and the rule of law. This article is the final contribution to a symposium that [...]

NEW: @reedforcongress.bsky.social argues that the suggestion that antitrust can be ringfenced from democracy or the democratic process is erroneous. Antitrust is fundamentally a body of law designed to meet citizens’ basic needs, sustain the marketplace of ideas, protect democracy and rule of law.

How can Economic Regulation Be Made More Democratic? - ProMarket Yunsieg P. Kim argues that economic regulation, including antitrust, can only be democratic if it is the choice of well-informed citizens. This article is part of a symposium that explores the relationship between democracy and antitrust. In theory, Congress passes laws, the antitrust agencies implement them through rules and policies, and the courts assure these [...]

NEW: @yunsieg.bsky.social argues that economic regulation, including antitrust, can only be democratic if it is the choice of well-informed citizens.

www.promarket.org/2025/10/06/h...

Economic Concentration and Its Dual Threats to Democracy - ProMarket Erik Peinert explores the paradoxical relationship between economic concentration and democracy, where economic concentration compromises the democratic process and democratic backsliding also gains momentum by taking advantage of concentrated market actors, whose political power is now impotent, to capture civil society.

NEW: @erikpeinert.bsky.social explores the paradoxical relationship between economic concentration and democracy, where economic concentration compromises the democratic process and democratic backsliding also gains momentum by taking advantage of concentrated market actors to capture civil society.

Plumbers, Populists, and the Role of Public Opinion in Antitrust - ProMarket Sean Sullivan discusses the role public opinion should play in setting antitrust policy and what should be left to the expert economists.

NEW: @prof-sullivan.bsky.social discusses the role public opinion should play in setting antitrust policy and what should be left to the expert economists.