Discussions of competition in restructured electricity markets have revealed many misunderstandings about the definition, diagnosis, and implications of market power. In this paper, I attempt to clarify the meaning of market power and show how it can be distinguished from competitive pricing in...

An Abuse-of-Crisis Prevention Act to reaffirm boundaries of politicians and the legislation they can pass has become necessary to the survival of limited government, given the routine “flash policy” responses to crises - including the 2008 financial crash and the COVID-19 pandemic. Excessive...

Most of America’s wealth has not been created yet. But to fulfill the nation's potential, recognizing the limitations of today's dominant politically driven research and development approach compared to what capital markets and economic liberalization can achieve is vital. Most politicians...

The European Union’s Digital Markets Act (DMA) initiative, which is set to introduce ex ante regulatory rules for “gatekeepers” in online platform markets, is one of the most important pieces of legislation to emanate from Brussels in recent decades. It not only has the potential to...

The present study analyzes the current level of progress in introducing a regional competition law and policy that would create a level playing field for the businesses within the ASEAN Economic Community (AEC). It is specifically focused on the state-owned enterprises (SOEs), which dominate...

Proposed changes to the conduct of Administrative State like those embodied in the changes proposed by the Office of Management and Budget to "Circular A-4" guidance on Regulatory Review accentuate a conflict of visions over the size and scope of government and its role in society; over...

The last step cannot be first; Congress, to the extent its substantial inquiry, oversight and appropriations authorities allow, should not permit a White House Office of Management and Budget "Circular A-4" rewrite of Regulatory Impact Analysis guidance to proceed without forcing OMB and OIRA to...

The Federal Competition Law enacted in 1993 marks the beginning of the Federal Competition Commission (CFC) and of competition policy in Mexico. The purpose of this work is to show the achievements and challenges of this policy through examples that best illustrate it. One of the most important...

Paul David (1985), Brian Arthur (1989) and others introduced a 'new economics' of increasing returns, alleging problems of path dependence and lock-in. These conditions were claimed to constitute market failure and were soon featured in antitrust actions, most famously in Microsoft. We (1990,...

The bipartisan 1996 Congressional Review Act requires agencies to submit rules and guidance documents to both houses of Congress and to the Government Accountability Office, to provide Congress opportunity to disapprove them before they become effective. Addional provisions apply to major...