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  • North on Ostrom and Williamson

    Number of comments: 3
    | Peter Klein | Douglass North welcomes fellow new institutionalists Elinor Ostrom and Oliver Williamson to the Nobel Club (via Jeffrey Huang): Posted in - Klein -, New Institutional Economics, People [...]
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    Posted: November 30, 2009, 4:33pm EST
    by Peter Klein

  • Opening Lines You’re Glad You Didn’t Write

    Number of comments: 1
    | Dick Langlois | Now here is an opening line you will be glad you didn’t write. (From our local newspaper, the Willimantic Chronicle, November 25, 2009.) WINDHAM — After being vacant for six years, former Windham First Selectman Jean de Smet appointed two co-town historians to preserve and share their knowledge [...]
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    Posted: November 29, 2009, 4:37pm EST
    by Dick Langlois

  • Opening Lines I Wish I’d Written

    Number of comments: 1
    | Peter Klein | Last week was tough for Shakespeare scholars who wear tweed jackets with leather elbow patches and sip sherry in the faculty lounge. You know, the people otherwise known as Saab drivers. That’s from a Friday WSJ piece on GM’s attempt to dump its Saab subsidiary. Readers outside the [...]
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    Posted: November 29, 2009, 12:01am EST
    by Peter Klein

  • Bebchuk-Weisbach Survey of Corporate Governance

    | Peter Klein | It’s the introduction to a special issue of the Review of Financial Studies: The special issue features seven papers on corporate governance that were presented in a meeting of the NBER’s corporate governance project. Each of the papers represents state-of-the-art research in an important area of corporate governance [...]
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    Posted: November 27, 2009, 6:55pm EST
    by Peter Klein

  • More Graduate Student Humor

    | Peter Klein | Found this posted on a classroom wall in our building. Not quite as witty as this one, but then again, we keep them heavily sedated: On a more serious note, here’s a conference celebrating the 50th anniversary of Coase’s landmark 1959 and 1960 papers, with an all-star lineup. Posted [...]
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    Posted: November 26, 2009, 10:30pm EST
    by Peter Klein

  • The Igon Value of Football

    | Dick Langlois | My last post implicitly lauds the science reporting of the New York Times. And I think they generally do a good job. But, still basking in the glow of UConn’s remarkable football win over Notre Dame on Saturday, I am reminded of a — presumably unintentionally — [...]
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    Posted: November 24, 2009, 3:34pm EST
    by Dick Langlois

  • Modest, Slow, Molecular, Definitive

    Number of comments: 1
    | Peter Klein | In an oft-cited passage from The Mechanisms of Governance (1996), Williamson describes the research program of transaction cost economics this way: Transaction cost economics (1) eschews intuitive notions of complexity and asks what the dimensions are on which transactions differ that present differential hazards. It further (2) asks [...]
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    Posted: November 24, 2009, 1:12am EST
    by Peter Klein

  • Financing Constraints and Entrepreneurship

    Number of comments: 5
    | Peter Klein | Speaking of banks, here’s a very good survey of the entrepreneurship literature on financing constraints by William Kerr and  Ramana Nanda, just out from NBER. From the introduction: The first research stream considers the impact of financial market development on entrepreneurship. These papers usually employ variations across regions [...]
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    Posted: November 23, 2009, 9:48am EST
    by Peter Klein

  • Further My Last

    | Craig Pirrong | My previous post on the Acharya et al (AEFLS) assertion of the purported externality in bilateral OTC markets focused on whether there was actually an unpriced “bad.” I judged otherwise based on the fact that credit and counterparty risks are repriced repeatedly (and ruthlessly). There is another reason [...]
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    Posted: November 22, 2009, 10:25am EST
    by cpirrong

  • Nirvana is Just a Band

    Number of comments: 2
    | Craig Pirrong | Last week I wrote about one justification for exchange trading and clearing mandates in derivatives markets — the market power argument. This week I’ll examine another argument, and render a similarly skeptical verdict. In a chapter of Restoring Financial Stability, Viral Acharya, Rob Engle, Steve Figlewski, Anthony Lynch [...]
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    Posted: November 20, 2009, 9:11pm EST
    by cpirrong

  • The Igon Value of Cognitive Dissonance

    Number of comments: 6
    | Dick Langlois | Some of you may have seen Steven Pinker’s review of Malcolm Gladwell’s latest book in the New York Times this weekend. Pinker praises Gladwell’s writing and his instinct for interesting topics, but skewers him for his bad grasp of the underlying science of what he writes about, [...]
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    Posted: November 19, 2009, 2:28pm EST
    by Dick Langlois

  • Selection à la Banks

    Number of comments: 2
    | Lasse Lien | Ideally, the competitive process would select for productivity. It doesn’t actually do that. Presumably it selects for expected profitability, which is close enough — assuming market power isn’t too common. What has the economy been selecting for in the past year or so? The state of low [...]
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    Posted: November 19, 2009, 8:39am EST
    by Lasse

  • Things Professors Don’t Know

    Number of comments: 10
    | Peter Klein | Useful information for undergraduate instructors, provided by students, from the Chronicle (via Ross Emmett). Sample: There is no need to put those “just for fun” optional readings on the syllabus. We will never read them. If I even see the word “optional” my eyes glaze over and I [...]
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    Posted: November 18, 2009, 12:29pm EST
    by Peter Klein

  • Peter Bernstein Interview

    Number of comments: 1
    | Peter Klein | Speaking of Peters, the McKinsey Quarterly site has a video interview with the late Peter Bernstein on risk. Bernstein was a deep thinker and an excellent writer. I once found myself on a plane next to an investment banker who was reading Bernstein’s Against the Gods. I [...]
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    Posted: November 18, 2009, 12:23pm EST
    by Peter Klein

  • Keynesian Anti-Economics

    Number of comments: 4
    | Peter Klein | A reader objected to my recent portrayal of Keynes as a crank, as a man who never really studied economics or took it very seriously. Note that I never denied Keynes’s intellect, his great skill as a rhetorician, or his personal charm. But Keynesian economics is, in [...]
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    Posted: November 17, 2009, 4:40pm EST
    by Peter Klein

  • My Career in One Sentence

    | Peter Klein | Geoff Manne to me and others: “The Intel-AMD settlement, over an alleged Sherman Act Section 2 violation, seems to violate Section 1 of the same act. I’ve written an informed and thoughtful blog post on this. What do you think?” Me: “This is further evidence that antitrust law [...]
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    Posted: November 17, 2009, 12:11pm EST
    by Peter Klein

  • What Would Peter Say?

    Number of comments: 2
    | Peter Klein | Peter Drucker, that is. The great management guru died in 2005 — and even then, he didn’t blog, unlike some other guys named Peter. If Drucker were alive today, what would he say about the financial crisis, health-care reform, climate change, and the other Big Issues of [...]
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    Posted: November 16, 2009, 10:23am EST
    by Peter Klein

  • The Amazing Krugman

    Number of comments: 10
    | Peter Klein | The man indeed has a unique talent, as described here by the witty and clever Steve Landsburg: It’s always impressive to see one person excel in two widely disparate activities: a first-rate mathematician who’s also a world class mountaineer, or a titan of industry who conducts symphony orchestras [...]
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    Posted: November 14, 2009, 10:15am EST
    by Peter Klein

  • Fed Independence and Comparative Institutional Analysis

    Number of comments: 3
    | Peter Klein | I’ve written before on Fed “independence” and why I don’t support it. The vast majority of economists, especially the more prominent ones, are strongly in favor of independence and against Congressional attempts to limit the Fed’s discretion in monetary and regulatory policy. The standard argument is that [...]
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    Posted: November 13, 2009, 3:58pm EST
    by Peter Klein

  • Just So Stories: Financial Regulation Edition

    Number of comments: 1
    | Craig Pirrong | All of the legislative proposals relating to over-the-counter derivatives would impose seismic changes on the way that these instruments are traded, and the performance risks related to them are managed. Indeed, it is fair to say that these proposals, if implemented would dramatically shrink the OTC market, [...]
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    Posted: November 12, 2009, 8:45pm EST
    by cpirrong

  • Incentives Matter, Football Helmet Edition

    Number of comments: 5
    | Peter Klein | Latest example of the Peltzman Effect, courtesy of the WSJ: “Is It Time to Retire the Football Helmet?” E.g.: “[W]hile [hard-shell] helmets reduced the chances of death on the field, they also created a sense of invulnerability that encouraged players to collide more forcefully and more often.” [...]
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    Posted: November 11, 2009, 5:56pm EST
    by Peter Klein

  • On the Border*

    Number of comments: 1
    | Craig Pirrong | This is my inaugural post as guest blogger here at O&M. I am grateful for the opportunity. In his very gracious introduction, Peter Klein noted that my research is at the border of finance and industrial organization. Quite true (and indeed, “borderer” is a good description of me [...]
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    Posted: November 11, 2009, 4:32pm EST
    by cpirrong

  • Cochrane on Krugman

    Number of comments: 1
    | Peter Klein | John Cochrane tackles Paul Krugman’s infamous essay (via Casey Mulligan). My own view of the crisis (and of macroeconomics) is different from Cochrane’s, but his skewering of Krugman is delightful, and there are many nuggets of wisdom. A few snippets: Crying “bubble” is empty unless you have an [...]
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    Posted: November 11, 2009, 10:31am EST
    by Peter Klein

  • The MSM Rediscovers the Classics

    Number of comments: 5
    | Peter Klein | The rediscovery of Keynes is one of the official storylines of the financial crisis and global recession. The problem is that Keynes was, in my judgment, a charlatan, a clever man obsessed with his own cleverness who never paid serious, thoughtful attention to economics (or any subject). [...]
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    Posted: November 10, 2009, 11:11pm EST
    by Peter Klein

  • No Required Ethics Course at Chicago-Booth

    Number of comments: 1
    | Peter Klein | Bucking the trend, the Chicago-Booth MBA program will not offer required courses in business ethics (via Cliff). The school “has no set standard for ethical case studies used in the classroom,” according to Executive Director of Faculty Services Lisa Messaglia,”but leaves it up to faculty, instead.” [T]he business [...]
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    Posted: November 10, 2009, 10:12am EST
    by Peter Klein

  • The Guest Bloggers Are Dead; Long Live the Guest Blogger!

    | Peter Klein | Today we say thanks, and farewell, to guest bloggers Russ Coff and Glenn MacDonald for their thoughtful and provocative posts (archived here and here), and we welcome Craig Pirrong as our newest guest blogger. Craig is Professor of Finance and Energy Markets Director of the Global Energy [...]
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    Posted: November 09, 2009, 10:33pm EST
    by Peter Klein

  • CFP: International Perspectives on Corporate Governance

    | Peter Klein | Posted on behalf of Alex Padilla: CALL FOR PAPERS Journal of Private Enterprise & Association for Private Enterprise Education Symposium on Corporate Governance: International Perspectives Guest Editors: Alexandre Padilla, Nishat Abbasi, and Pierre Garello Metropolitan State College of Denver & University Paul Cézanne Association for Private Enterprise Education International Conference Las Vegas, Nevada, April 11-13, [...]
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    Posted: November 08, 2009, 10:23pm EST
    by Peter Klein

  • Coasean Humor

    Number of comments: 1
    | Peter Klein | The grad students in my department recently cleaned up their student lounge. Some wag, remembering a line from my course — Coase’s famous dismissal of the “old” institutional economists — tagged a stack of  papers thusly: Posted in - Klein -, New Institutional Economics [...]
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    Posted: November 07, 2009, 2:07am EST
    by Peter Klein

  • Citation Format Pet Peeve

    Number of comments: 1
    | Peter Klein | Many thanks to June Flanders for expressing, on the HET listserv, one of my own pet peeves about citation formats: using the reprint date, rather than the original date, in the in-text citation: At the risk of sounding school-marmerish I should like to raise an issue that has [...]
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    Posted: November 06, 2009, 9:21am EST
    by Peter Klein

  • CFP: “Institutions in Economic Thought”

    | Peter Klein | That’s the theme for the next meeting of the Charles Gide Association for the Study of Economic Thought (ACGEPE), to be held at the University of Paris Panthéon-Sorbonne, 27-29 May 2010. Steve Medema, Malcolm Rutherford, and O&M friend Claude Ménard are the keynote speakers. Proposal deadline is [...]
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    Posted: November 05, 2009, 12:28am EST
    by Peter Klein

  • Teaching Large Classes

    Number of comments: 2
    | Peter Klein | Advice on teaching large introductory classes, from a Facebook friend of a Facebook friend: Stick with the stories! Walter Heller made it all the way through introductory macro at Minnesota entirely on stories from his days in the Kennedy Administration. I don’t recall him actually mentioning the word [...]
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    Posted: November 04, 2009, 9:49am EST
    by Peter Klein

  • The Limits of Antitrust Revisited

    | Dick Langlois | I also just returned from an interesting conference, this one at the Searle Center at Northwestern Law School. The topic was the 25th anniversary of Frank Easterbrook’s 1984 paper “The Limits of Antitrust.” Here’s the agenda. I don’t think the papers are all available online, but the [...]
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    Posted: November 03, 2009, 10:10am EST
    by Dick Langlois

  • Sidak and Teece on Dynamic Competition

    Number of comments: 2
    | Peter Klein | A “neo-Schumpeterian” framework for antitrust analysis that favors dynamic competition over static competition would put less weight on market share and concentration in the assessment of market power and more weight on assessing potential competition and enterprise-level capabilities. By embedding recent developments in evolutionary economics, the behavioral [...]
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    Posted: November 03, 2009, 8:35am EST
    by Peter Klein

  • Cultural Economics Conference in Copenhagen

    | Nicolai Foss | My colleague Dr. Trine Bille is the organizer of next year’s “International Conference of the Association of Cultural Economics International” in Copenhagen (CBS).  Here is the Call. Submit a paper! Posted in - Foss -, Ephemera [...]
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    Posted: November 02, 2009, 10:08am EST
    by Nicolai Foss

  • Pomo Periscope XIX: Leiter on Foucault

    Number of comments: 3
    | Nicolai Foss | Here is a nice discussion of Foucault by UChicago Law School professor Brian Leiter. It is not a smashing per se, but rather a critical discussion that indicates a central flaw in Foucault’s philosophy. Leiter points to Foucault’s well known discussion of the “pretence” of the “human sciences,” something Foucault seems to explain on [...]
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    Posted: November 02, 2009, 8:40am EST
    by Nicolai Foss

  • Tracking A Moving Arrow Core

    | Nicolai Foss | As argued by Nelson and Winter in their 1982 book, An Evolutionary Theory of Economic Change, and more explicitly by Winter and Gabriel Szulanski in their 2001 paper, “Replication as Strategy,” many firms leverage their competitive advantages by means of replication. Franchise chains come immediately to mind [...]
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    Posted: November 01, 2009, 1:53pm EST
    by Nicolai Foss

  • Terence Hutchison Special Issue

    Number of comments: 2
    | Nicolai Foss | It is a sad fact that I spent a considerable part of my early 20s browsing the pages of the major economics journals of the interwar period. I was particularly interested in what was then called the “monetary theory of the trade cycle” and the role of [...]
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    Posted: November 01, 2009, 9:33am EST
    by Nicolai Foss
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