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When economics met antitrust: The second Chicago School and the economization of antitrust law

When economics met antitrust: The second Chicago School and the economization of antitrust law

43. Institutional economists—whose fi gureheads were John Rogers Commons and Thorstein Veblen—focus directly on the role of institutions (e.g., the fi rm, the state, the market) in shaping economic behavior. For further details on insti- tutional economics, see Dewey and Rutherford, “Institutionalism, old,” 374–381. 44. Fried, The Progressive Assault on Laissez Faire . See also Kitch, “The Fire of Truth,” on the infl uence, in the 1930s, of legal realism in shaping law depart- ments to an economic approach. “It is clear that legal realism made people in law schools open to the social sciences. ... In the years that followed, American law schools were to try them all. That environment was receptive to the introduction of economics into a law school” (ibid., p. 165). This is part of a great discussion that took place in a 1981 conference in Los Angeles that gathered the most famous tenants of the Chicago School, such as Bork, Director, Friedman, Posner, and Sti- gler, among others.
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Chilean Competition Law and Policy: The Extraterritorial Transplantation of American Antitrust Law and Chicago School of Economics in the Chilean Context

Chilean Competition Law and Policy: The Extraterritorial Transplantation of American Antitrust Law and Chicago School of Economics in the Chilean Context

In this way, the American economists took the seeds of American antitrust policy and transplanted them into the Chilean context so that their application and development would be meaningful and effective. Such an approach recognizes the similarity of the broad aims of competition laws – to ensure competitive markets – while simultaneously accounting for local objectives. By pairing with a local university, the Chicago School economists also invested local academics in the success of the competition law, incentivizing their cooperation in the creation of a competitive market economy in Chile.
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Is the Chicago School to Blame in the Economic Crisis?

Is the Chicago School to Blame in the Economic Crisis?

Steve Weisman: This is Steve Weisman at the Peterson Institute for International Economics. Michael Mussa is our guest today to talk about whether the University of Chicago School of Economics shares any of the blame for the recent global financial crisis and downturn. I’ll explain why I’m asking him that in a second. Michael, thank you for agreeing to have this somewhat unusual conversation.

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Framing the Chicago School of Antitrust Analysis

Framing the Chicago School of Antitrust Analysis

One important contribution of the marginalist revolution in economics was the idea that markets differ from one another in fundamental ways. 47 Important contributors to market diversity were the variable presence of fixed costs and economies of scale, more complex theories about how sellers interact with one another, and the increasing role of spatial and product differentiation in descriptions of the economy. Along with this came the view that market failure is more common than classicists from Adam Smith through John Stuart Mill had allowed, and that the optimal amount and type of regulatory intervention varies from one market to another. 48 The result was an increasingly institutional approach to industrial organization economics that focused on differences among industries. For example, the large series of academic “industry studies” that formed the core of industrial organization research at Harvard stretched over a half century. 49 Justice Brandeis’ well known decision in Chicago Board of Trade v. United States, with its call to 47 See Herbert Hovenkamp, Regulation and the Marginalist Revolution, 71 F LA . L. R EV . 455, 492-93 (2019) (discussing the relationship between market failure and market diversity).
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How To Become A Psychologist At The Chicago School

How To Become A Psychologist At The Chicago School

Since the function of the program is to increase the student’s knowledge and abilities, and these goals require intensive efforts and substantial time, the student must consider carefully the balance between school, work, family, and other responsibilities. In general, faculty plans for students to spend three hours studying for each hour in class. Full-time status requires a minimum of nine credit hours of registration per semester, or five to six semesters, to complete the 50 hours required. However, the program can be completed in as little as two years if the student strictly limits her or his other commitments and takes nine to 13 hours per semester. Students who work full-time should take a lighter load (six to nine hours per semester) in order to be able to devote to the program the energy and time that will yield the maximum benefit to them. Registration for courses during the summer semester is required.
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School of Economics and Management

School of Economics and Management

Abstract: This paper examines the determinants of vertical intra-industry trade (VIIT) in the automobile components industry between Portugal and the European Union 27 (EU-27) and the [r]

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School of Economics and Management

School of Economics and Management

This paper studies the long-run economic relationship between health care expenditure and different sources of health expenditure funding computed over total health care expenditure: pub[r]

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School of Economics and Management

School of Economics and Management

In this work we applied the Euclidean distance multipliers method proposed in Amaral et al (2012) to the Brazilian economy as an alternative to overcome the limitations of traditional [r]

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School of Economics and Management

School of Economics and Management

Poor people may not have access to formal credit markets because banks face high transactions costs per loan when lending at small scales; it is very difficult to determine the risk of[r]

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School of Economics & Finance

School of Economics & Finance

The  purpose  of  this  module  is  to  examine  a  number  of  issues  relevant  to  European  economic  integration,   and  to  expose  students  to  the  techniques  and  arguments  developed  in  connection  with  these  issues.  We  will   make  use  of  both  macroeconomic  and  microeconomic  theory  to  look  at  the  rationale  behind  a  number  of   EU  policies.  Where  appropriate,  we  will  also  use  theory  and  present  empirical  evidence  in  order  to  evaluate   the   effectiveness   of   these   policies.   Topics   covered   will   include   customs   union   theory,   the   economic   consequences  of  factor  mobility,  EU  competition  policy  and  the  economics  of  EMU.  
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School of Economics and Management

School of Economics and Management

spatial unit that we consider assumes that the economic agents of the services sectors, when deciding on the location of their activity, take into consideration the location of the ind[r]

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HELSINKI SCHOOL OF ECONOMICS

HELSINKI SCHOOL OF ECONOMICS

Helsinki School of Economics returned to normal, focusing on basic activities and strengthening the cornerstones of its strategy. In addition to the devel- opment of research and education, HSE continued to enhance cooperation between national and international universities, businesses, and society. Partnership activities, alumni events with the related Studia Economica lecture series, and class reunions, as well as other events, involved many new, inspired people in HSE activities.

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School of Economics and Management

School of Economics and Management

Abstract: This study estimates the effects of the immigration stock, as well as those of immigrants’ characteristics, such as having the same language as that of the host country and th[r]

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1965 BA, The University of Chicago 1968 MFA, The School of the Art Institute of Chicago

1965 BA, The University of Chicago 1968 MFA, The School of the Art Institute of Chicago

Fabrication, Lowe Art Museum, University of Miami, Coral Gables, Florida, 1980, traveled to the Fine Arts Gallery, University of South Florida, Tampa, Florida. Who Chicago? An Exhibition of Contemporary Imagists, Camden Arts Centre, London, traveled to Deolfrith Gallery, Sunderland Arts Centre, Sunderland, England; Third Eye Gallery, Glasgow, Scotland; Boston Museum of Fine Arts, Boston, Massachusetts; and Contemporary Arts Center, New Orleans, Louisiana. 1979-80

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SCHOOL OF ECONOMICS AND MANAGEMENT

SCHOOL OF ECONOMICS AND MANAGEMENT

Given the design of the grant scheme and the reform, the basic task we face is to separate the e¤ect of stipend from parental income and cohort e¤ects. Figure 1 illustrates that we have three di¤erent sources of variation in the stipend which could potentially identify the e¤ect of interest. Before the reform, the grant varied within each cohort across X. Since the former is a function of the latter, using this source of variation for identi…cation would, generally, require some strong functional form assumptions. The reform provides variation over time. We are, however, excluding two high school graduation cohorts (1987 and 1988) to avoid announcement e¤ects, therefore, ending up with a considerable time span between the treatment group (post-reform high school graduates) and the control group (pre- reform graduates). Hence, directly comparing post-reform individuals to similar pre-reform individuals is obviously not a tempting strategy due to inter cohort variation. Ideally, one would like a control group not exposed to the reform to facilitate a di¤erence-in-di¤erence
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The University of Chicago Graduate School of Business

The University of Chicago Graduate School of Business

To mitigate this concern, table 7 presents results where the entire portfolio of high BM firms is split based on two accepted measures of firm health and performance: financial distress [r]

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School of Economics & Finance

School of Economics & Finance

Economics  and  one  of:      Biology,  Computer   Science,  Environmental  Geoscience   N ,   Geoscience   N ,  Internet  Computer  Science   N ,   Management,  Mathematics,  Management   Science,  ,  Psychology,  Statistics.  

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SCHOOL OF BUSINESS AND ECONOMICS

SCHOOL OF BUSINESS AND ECONOMICS

Through A&T’s Office of International Programs, both faculty and students enjoy opportunities to enhance their international competencies through cross- cultural experiences. With campus support and study- abroad scholarships, such as the Benjamin A. Gilman International Scholarship, student travel is possible in all majors for any sophomore, junior, or senior with a 2.50 GPA or higher (3.00 for graduate students). In today’s global society, international experiences provide students with the cultural appreciation and interpersonal skills necessary to succeed, and the School of Business and Economics is committed to ensuring our students have ample opportunities to study abroad.
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The John Marshall Law School Orientation to Chicago

The John Marshall Law School Orientation to Chicago

CTA unlimited transit passes often provide a savings if you plan to travel a number of times in a day. Unlimited passes allow you to travel by both bus and train. Single-day, 3-day, Week, and 30-day passes can be purchased over the Internet before you make your trip to Chicago. www.faremedia.chicago-card.com

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Scott Fay. University of Florida. Erik Hurst. Graduate School of Business. University of Chicago. Michelle J. White. Department of Economics

Scott Fay. University of Florida. Erik Hurst. Graduate School of Business. University of Chicago. Michelle J. White. Department of Economics

(Note that many households' nancial benet from bankruptcy is unaected by a change in the exemption level, since they have few non-exempt assets.) Because more households benet from the h[r]

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