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Truth on the Market 
Academic commentary on law, business, economics and more.
Post Frequency: 39.9/day Last Entry: April 01, 2011 at 00:51:38 Recent Entries: 1318
Go to Truth on the Market, find other Corporate & Securities Law blogs, or browse all law blogs.
Kmiec on the Death of the GOP
Posted on February 17, 2009I must begin this post with a caveat: I am not a Republican. Nor am I a Democrat. I really have little interest in defending one party over the other. I agree with the GOP on some matters, with the Democrats on others, and with neither party on a host of [...
Elhauge Lecture on Antitrust, Entrepreneurship, and Innovation
Posted on February 17, 2009Here’s the program announcement: All are invited to The Ewing Marion Kauffman Foundation Distinguished Lecture in Antitrust, Entrepreneurship, and Innovation, with 2009 Guest Lecturer Prof. Einer Elhauge, Harvard Law School. The lecture will be held at the American University Washington College of Law, 4801 Massachusetts Ave...
FTC RPM Workshops This Week
Posted on February 16, 2009Tuesday and Thursday this week the FTC will be hosting the first two in a series of workshops on Resale Price Maintenance. Presentation materials, slides, and papers are available on the website.
New and Improved: Is Antitrust Too Complicated for Generalist Judges
Posted on February 16, 2009Co-author Michael R. Baye (of the Kelley School of Business at Indiana University and formerly Director of the Bureau of Economics at the Federal Trade Commission) and I have posted a new and improved version of our paper, Is Antitrust Too Complicated For Generalist Judges: The Impact of Economic Complexity and Judicial Training on Appeals, [...
Evans on Antitrust & the Global Internet Economy
Posted on February 16, 2009From the Northwestern University Law Review Colloquy, David Evans explores the implications of the emerging global internet economy for antitrust. Here’s the closing two paragraphs: We can expect the web-based industries will follow the same trajectory, and thus far they have...
Vizio Files Monopolization Suit Against Funai
Posted on February 15, 2009This looks like an interesting suit involving antitrust, patents, and standard setting: VIZIO, Inc., America’s HDTV Company, announced today that it has filed an antitrust and unfair competition lawsuit in the United States District Court, Central District of California, against Funai Electronics Co...
Zywicki on Judicial Modification of Mortgage Contracts
Posted on February 13, 2009Earlier this week, I argued that courts should resist the urge to modify what turn out to be improvident commercial contracts. An unintended consequence of rewriting such contracts, I asserted, is that negotiated agreements would become unreliable, which would raise the risks associated with, and thereby discourage, wealth-creating exchanges...
Sirius-XM Merger Retrospective…
Posted on February 11, 2009It looks like Sirius-XM is now contemplating bankruptcy (HT: Danny Sokol). There were quite a few critics of the Bush administration’s decision not to challenge the merger. Various antitrust commentators and critics (as well as rivals like the NAB) lined up on the side of enforcement, arguing that the merger would lead to [...
O’Hara and Ribstein’s The Law Market
Posted on February 11, 2009You can now purchase it in hard copy, or on Kindle, and follow the action at the Conglomerate Book Club in March. I’ll be starting it on my Kindle on an airplane this afternoon.
To Whom It May Concern: Please Stop Calling RPM Agreements Cartels (or Price-Fixing)
Posted on February 11, 2009The headline of this Bloomberg story on the Swiss Competition Authority’s complaint against Bayer, Pfizer and Lilly announces that the firms operated an “Erection Drug Cartel.” I read a bit further to learn something about what I suspected, from the title of the story, would be a horizontal agreement between the firms — that [...
Is anyone else terrified that the fate of the economy hangs in Maxine Waters’ hands?
Posted on February 11, 2009Yes, actually. I was going to write a post on this topic, but then Megan McCardle said pretty much what I wanted to say, only snarkier and pithier. A taste, but read the whole thing: But this woman is sitting on the House Financial Services Committee...
Becker and Murphy on the Stimulus
Posted on February 10, 2009I’ve got the over-under on Krugman name-calling directed at both set at noon EST tomorrow. Any takers? Anyway, here’s some key excerpts from the WSJ piece: In a full-employment situation, increased government spending would largely replace private spending, so the net stimulus to GDP would likely be quite small...
Wanna Keep This Economic Mess to a Minimum? Honor Contracts.
Posted on February 09, 2009New York Times business columnist Joe Nocera insists that current economic conditions call for courts to ignore carefully negotiated contracts between sophisticated business entities. Arguing that Dow Chemical Company should be free to walk away from its agreement to buy specialty chemical manufacturer Rohm & Haas, Mr...
Why oh why can’t we have a better Paul Krugman?
Posted on February 06, 2009Krugman’s latest opinion piece is here. Like me, Paul is beating the same drum over and over (oh, and by the way, like at DeLong’s place, my comments mysteriously don’t show up on his blog. Odd. I swear I am civil and engaged. I’m not sure why I am blacklisted...
Robert Barro Talks Stimulus
Posted on February 06, 2009Here’s the link. Its an accessible read. Here’s a few key question (in bold) and answers: Do you read Paul Krugman’s blog? Just when he writes nasty individual comments that people forward. Oh, well he wrote a series of posts saying he thought the World War II spending evidence was not good, for a variety of reasons, but [...
A Different Form of Competition
Posted on February 05, 2009A DC area blog reader sends the following update on Inova’s successful attempts to forestall entry in Northern Virginia: The Loudoun County Board of Supervisors voted yesterday to reject a proposal by HCA Virginia to build a hospital in Loudoun, capping more than five years of fierce debate over how best to meet the rising demand [...
“One thing is clear to me: the orthodox and unvarnished Chicago School of economic theory is on life support, if it is not dead”
Posted on February 05, 2009More settling economic debates by declaration and without regard to the evidence. When you make declarations like this it is best to do your homework. Consider the following: The Post-Chicago theoretical advances are well known to be built upon the foundation laid by Chicago School founders like Aaron Director — it is simply misleading to argue [...
The Boss Settles It
Posted on February 05, 2009Is the Ticketmaster/Live Nation merger anticompetitive? Does it present an opportunity to test whether the DOJ will adopt the evasion of constraint theory of monopolization which I’ve criticized? These are academic questions. The matter has been settled by the Boss: A final point for now: the one thing that would make the current ticket situation even [...
Too Bad They Couldn’t Get Bob Dole for the Ad
Posted on February 05, 2009Those lame Super Bowl commercials have nothing on this one. (HT: Don Boudreaux)
More Evasion of Pricing Constraints as Antitrust Violations: Vertical Merger Edition
Posted on February 04, 2009I’ve criticized elsewhere what appears to the the FTC’s new “evasion of pricing constraint” theory of monopolization emerging from Ovation (see also here), N-Data, and Rambus. I expressed some concern that this theory had no limiting principles and was detached in important ways from sound economics: Here are a few examples of conduct the FTC could [...
Does this count as socialism? Maybe it’s fascism.
Posted on February 04, 2009Oh, those monikers always confuse me. So much seems to hang on the right label. When does government intervention in the economy become so extreme that it is appropriate to label it socialist? Here at TOTM we’ve had this discussion before. But no mind–call it “toast,” or call it “eggplant,” or just call it stupid, but [...
More Hayek (and Buchanan), Less Keynes
Posted on February 04, 2009Dick Armey has a nice op-ed in today’s Wall Street Journal. The piece, titled Washington Could Use Less Keynes and More Hayek, echoes points I made recently in criticizing the stimulus and advising President Obama on good stuff to read. Armey writes: Sound money policy, [Hayek argued], allowed the disparate knowledge of millions of [...
Zaring on the Panic of 1907
Posted on February 03, 2009With an antitrust angle to boot: The Panic of 1907, published last year by Robert Bruner and Sean Carr, is a good blow by blow account of the action stations nature of a financial crisis, in this case one that began with a freezing of the credit markets, blew up with an ill-timed effort to corner [...
Pssst Wall Street: Change the Name from Bonuses to “Making Work Pay” Credits
Posted on February 02, 2009President Obama, widely admired for his willingness and ability to engage in nuanced analysis, painted with pretty broad strokes when he attacked the bonuses recently paid by Wall Street banks: One point I want to make is that all of us are going to have responsibilities to get this economy moving again...
Is it just me, or is Brad DeLong little more than an ideological hack? Krugman, too.
Posted on February 02, 2009Hey, what a shock: Brad DeLong cites to a cursory and useless critique of the Efficient Market Hypothesis and declares it, with the author, “refuted.” Here’s Brad’s cite; here’s the original “refutation.” The complete list is absurd (there are five purportedly refuted doctrines, including “the case for privatization” and “individual retirement accounts...
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Housing Market: Mixed Signals about Falling Prices for February
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Fish on "Religion Without Truth"
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Is a child fathered out of wedlock by an American diplomat to a foreign women on foreign soil entitled to US Citizenship by jus sanguinis?
This is a very tough situation your friend is in. It is difficult to know the ex...
Did I harass someone?
Oh, yes. This can be taken in as so many things, especially since you had testif...
Iam interested in tapping the local online search market how do people set up a services like localpull.com or areacodelocal.com? Is there any software that does the job? localpull.com/ areacodelocal are services that he
sign-up on LocalPull. The service is amazing. We love it....
Is it possible to terminate a contract with a real estate brokerage?
First, the Realtor cannot force you to reduce your price. It probably does dissu...
Need urgent answer. Never signed Truth in Lending Disclosure docs - docs at closing had different terms and rates than what we had originally signed up for in the Loan Application. Signed closing docs as assured it would
you have three days to change your mind after closing a re-fi...
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