Welcome to 2018! Here's a good way to start the new year: catching up on ProMarket’s 10 most-read articles of the previous year. First, our most-read post of 2017: Raghuram Rajan on why populist nationalism is “the first step toward crony capitalism”
promarket.org/raghuram-rajan…
promarket.org/raghuram-rajan…
2) Richard Posner: “The real corruption is the ownership of Congress by the rich”
promarket.org/richard-posner…
promarket.org/richard-posner…
3) “Google is as close to a natural monopoly as the Bell System was in 1956″ -author and media scholar @JonathanTaplin on the rent-seeking and regulatory capture of digital platforms
promarket.org/google-close-n…
promarket.org/google-close-n…
4) “Markets today are radically different than what we believe – we have the façade of competition": a Stigler Center panel explores the implications of big data for competition policy and for consumer welfare promarket.org/big-data-compe…
5) Where Friedman was wrong: A new paper by Oliver Hart and Luigi Zingales argues that a company’s objective should be the maximization of shareholders’ welfare, not value
promarket.org/where-friedman…
promarket.org/where-friedman…
6) @zingales on why Donald Trump’s economic policies are pro-business, not pro-market
promarket.org/donald-trumps-…
promarket.org/donald-trumps-…
7) The rise of market power and the decline of labor’s share: A new paper argues that the decline of the labor and capital shares, as well as the decline in low-skilled wages, have been aided by a significant increase in markups and market power promarket.org/rise-market-po…
8) “The blockchain is going to revolutionize central banking and monetary policy” - watch David Yermack’s third and final Stigler Center lecture on the potential implications of blockchain technology
promarket.org/blockchain-goi…
promarket.org/blockchain-goi…
9) A new paper challenges Thomas Piketty’s portrayal of an income distribution dominated at the top by passive rentiers who do nothing to earn their money, arguing that income inequality in America today is driven by the working rich promarket.org/top-1-percent-…
10) A new UN study warns: The “endemic rent-seeking that stems from market concentration, heightened corporate power, and regulatory capture” has spread beyond the United States, leading to the emergence of “global rentier capitalism״ promarket.org/un-study-warns…
