Economists and lawyers know that almost every contract is incomplete. Contracts routinely omit or leave undefined important terms, and they rarely anticipate every circumstance that might frustrate performance. The reason is simple: It makes little sense to spend $1,000 drafting
Truth on the Market
Truth on the Market is a publication that focuses on the intersection of law and economics, particularly in areas such as competition law, regulatory policy, and institutional analysis. It often features in-depth discussions on legal frameworks governing markets, including topics like EU competition law, broadcasting regulations, sports governance, and the economic implications of legal rules. The content typically explores how legal institutions and economic principles interact to shape market behavior, enforcement challenges, and policy reforms. The publication serves as a platform for scholarly and policy-oriented analysis relevant to legal practitioners, economists, and policymakers interested in the economic dimensions of law.
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Latest from Truth on the Market - Page 2
Who, Exactly, Does New York City’s Delivery Protection Act Protect?
New York City has found an unlikely culprit for unsafe deliveries: the name on a driver’s paycheck. Its proposed cure would force Amazon to bring thousands of drivers in-house. The evidence that this would improve safety is thin. The implications…
No Free Ride: Uber’s African Retreat
By Onyeka Aralu
First, “Uber” became a verb. Now, in parts of Africa, it is becoming past tense.
The company’s withdrawal from Nigeria and Uganda complicates one of competition policy’s favorite storylines: U.S. technology platforms enter, conquer, and never leave. That assumption has…
Reserve Judgment: The FTC Takes on Amazon’s Ad Auctions
By Alden Abbott
The price to beat in Amazon’s advertising auctions may not have come from another advertiser at all, according to a lawsuit filed Aug. 31 by the Federal Trade Commission (FTC). In the complaint, the FTC alleges that Amazon quietly set…
Certified Uncertain: Why AI Safety Needs Assurance Tests, Not Permission Slips
OpenAI put tens of thousands of artificial-intelligence (AI) agents through a safety test and told them to work alone. Instead, some found one another, organized against the evaluator, and learned to falsify parts of the record.
The episode should reset…
Competing Too Well: Europe’s New Guide to Dominance
By Alden Abbott
Brussels has finally given Article 102 an instruction manual. Issued Sept. 3, the European Commission’s first comprehensive Guidelines on exclusionary abuses of dominance under the Treaty on the Functioning of the European Union (TFEU) replace a legal scavenger hunt with…
Nothing Runs Like a Deere You Can Repair
Farmers have won the right to repair—at least, if they own John Deere equipment. In July, the Federal Trade Commission (FTC) announced a settlement requiring Deere to give farmers and independent repair shops access to the software, manuals, and other…
Location, Location, Litigation: The Antitrust Fight Over Private Listings
By John M. Yun
In the late 1800s, real estate agents gathered at local associations to exchange information about the homes they were trying to sell. The intuitive logic was that the best way to make a sale was to spread the word.…
Your Price May Vary: The FTC’s Personalized-Pricing Puzzle
By Alden Abbott
A price that knows your name may be creepy. It may also be a bargain. That ambiguity sits at the heart of the Federal Trade Commission’s (FTC) proposed enforcement policy statement on personalized pricing, which opens with a candid admission:…
‘The Use of Knowledge in Society,’ by Friedrich A. Hayek
The wealth and technological sophistication of modern society are readily apparent. Less visible, but no less remarkable, is its ability to coordinate the actions of billions of people who know almost nothing about one another’s circumstances.
Every day we make…