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Over the past two to three decades economics has played an increasingly important role in the development of U.S. antitrust enforcement and policy. This essay first reviews the major facets of U.S. antitrust enforcement and next reviews the ways in which economics - starting from a low base - has grown in importance in antitrust. The essay then highlights three antitrust areas in which the influence of economics has had the greatest influence: merger analysis, vertical relationships, and predatory pricing. The essay concludes with the identification of four antitrust areas where further economics analysis could have high returns.
, by Marion Fourcade, is reviewed.
Public opinion polls reveal that the attitude of the general public toward free trade is not simply one of either being for free trade or for protectionism. Questions asking about free trade in principle reveal support for free trade, albeit not as strong as economists'. However, questions asking about free trade in practice reveal strong reservations. That is, when people get to specific trade disputes, public support for free trade tends to crumble, whereas economists rarely support trade restriction in specific disputes. Two principles, it is believed, explain the gap between the economist's view and the public's view on trade. Journalists are urged to keep two principles - the simultaneity principle and the political-favors principle - in mind when reporting on trade issues. The fir...
Many factors contribute to choice of employment other than compensation. This study extends the current literature by testing whether a compensating differential exists in employment sectors deemed morally satisfying. Data from the 1998 salary survey of the National Association for Business Economics (NABE) and sector rankings addressing moral satisfaction provided by a sample of college students are used in a regression analysis. When we include a self-selection correction in the salary regression, business economists in the for-profit sector earned almost 150 percent more than their nonprofit counterparts, once controlling for the choice of employment sector and human capital variables. Average wages were economically and statistically higher for business economists situated in the mi...
A month after Arizona enacted a series of corporate tax cuts aimed at stimulating job growth and turning around the state's struggling economy, Arizona economists are mixed in their assessment of the law. While most agree it is a vital measure to make the state more competitive when it comes to attracting new businesses, they acknowledge that some of the provisions may be a little too unfocused to allow the state to get the most bang for its buck.
The political shootout during this summer's debt standoff ended up wounding the economy, and the threat of more missteps as Congress and the White House resume their budget battles next week looms as one of the biggest risks for an economy already perilously close to recession, economists warn. Washington's poor handling of the debt crisis caused the first- ever downgrade of the nation's top credit rating and contributed to the worst turmoil in financial markets and biggest drop in consumer confidence since the 2008 financial crisis and recession. The developments continue to reverberate and cast a cloud over the economy.
WASHINGTON -- If the U.S. defaults on its debt, economists and lawmakers predict the equivalent of an economic apocalypse, one that could send the U.S. economy into a tailspin affecting virtually every thread connected to the U.S. financial system. Here's the truth: This is uncharted territory. No one can predict with certainty what will happen or when it will happen.
WASHINGTON - A tentative thumbs-up. That's the assessment from economists, who have offered mainly positive reviews of President Obama's $447 billion plan to stimulate job creation.
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