Competition policy and the market for regulation

Philip Booth is Senior Academic Fellow at the Institute of Economic Affairs. He is also Director of the Vinson Centre and Professor of Economics at the University of Buckingham and Professor of Finance, Public Policy and Ethics at St. Mary’s University, Twickenham. He also holds the position of (interim) Director of Catholic Mission at St. Mary’s having previously been Director of Research and Public Engagement and Dean of the Faculty of Education, Humanities and Social Sciences. From 2002-2016, Philip was Academic and Research Director (previously, Editorial and Programme Director) at the IEA. From 2002-2015 he was Professor of Insurance and Risk Management at Cass Business School. He is a Senior Research Fellow in the Centre for Federal Studies at the University of Kent and Adjunct Professor in the School of Law, University of Notre Dame, Australia.

Previously, Philip Booth worked for the Bank of England as an adviser on financial stability issues and he was also Associate Dean of Cass Business School and held various other academic positions at City University. He has written widely, including a number of books, on investment, finance, social insurance and pensions as well as on the relationship between Catholic social teaching and economics. He is Deputy Editor of Economic Affairs. Philip is a Fellow of the Royal Statistical Society, a Fellow of the Institute of Actuaries and an honorary member of the Society of Actuaries of Poland. He has previously worked in the investment department of Axa Equity and Law and was been involved in a number of projects to help develop actuarial professions and actuarial, finance and investment professional teaching programmes in Central and Eastern Europe. Philip has a BA in Economics from the University of Durham and a PhD from City University.

This is a recording of a speech given at a joint Institute of Economic Affairs and Information Technology and Innovation Foundation conference called 'The Meaning of Competition: Assertive Antitrust Enforcement and The Digital Economy' on Thursday 4th November 2021.

In May 1946, Hayek delivered the seminal Stafford Little Lecture at Princeton University, laying out his influential ideas of competition as a rivalrous process by which information is discovered. Celebrating the 75th anniversary of the lecture, the conference reinvigorated Hayek’s legacy in these times of aggressive antitrust enforcement in the digital economy. Jointly organised by the Schumpeter Project on Competition Policy at the ITIF, and the IEA’s Regulatory Affairs Programme, we debated current conceptions and misconceptions of the meaning of competition in the digital era.

The Institute of Economic Affairs is recognised as one of the most influential think tanks in the UK, and its history is closely associated with ideas of Friedrich A. Hayek. We are delighted to host our distinguished speakers and guests today.

Founded in 2006, the Information Technology and Innovation Foundation (ITIF) is the world’s top think tank for science and technology policy in the latest edition of the University of Pennsylvania’s authoritative Global Go To Think Tank Index. ITIF's mission is to formulate, evaluate, and promote policy solutions that accelerate innovation and boost productivity to spur growth, opportunity, and progress.

FOLLOW US:

#Competition #DigitalMarkets #IEA

[rainerlippert]

The market cannot regulate itself - it cannot think, it cannot direct.
Everything that is offered on the market, how it is offered, is decided by people, everything that is bought there and under what conditions is also decided by people.
Algorithms help, but they (still (?)) have no self-interest.

Private market regulation - works well for companies that expect advantages from it and these desired advantages then also become a reality: For example, compatibility with IBM PC, compatibility with mobile radio standards (frequencies etc.), television standards, etc.
Buyers also benefit from this.
Some companies can deviate from this if they expect advantages from it and these are obviously achieved in this way: Apple equipment, etc.

Private market regulation does not work if many companies want to undermine the norms based on it: What can be used in canned food, which materials are permitted for children's toys, which fertilizers are permitted, what are the maximum transmission strengths of WLAN devices, which pollutant emissions are permitted for cars, what load must bridges that are intended for federal highways or motorways be able to withstand, how must a nuclear power plant be secured, etc.

[markdonaldson]

if some one could answer I would appreciate: I keep on hearing that options expire today and that because of all the options to its point that it kept BTC under 48k. So are you saying that whale are manipulating the BTC price in conjunction with a major exchange to cause this? I find it funny that 1000's of btc are bought OTA wich doesn't affect the market price yet when they want to clear options they allow these whales to sell 1000 BTC to flas crash the market