Marshall Steinbaum 🔥 (@Econ_Marshall): Some very revealing stuff in @jasonfurman's Ec 10 undergraduate lecture at Harvard, discussed in this thread: /1

Marshall Steinbaum 🔥 (@Econ_Marshall): @jasonfurman 1. Price-HHI regressions! I thought the IO people told us we weren't allowed to do those. /2

Marshall Steinbaum 🔥 (@Econ_Marshall): @jasonfurman 2. "Natural/unnatural" as a meaningful distinction! Wait I thought economics was a social science. cc @sanjuktampaul /3

Marshall Steinbaum 🔥 (@Econ_Marshall): @jasonfurman @sanjuktampaul 3. Tension between the treatment of the "progressive economist" school and what @jasonfurman calls "Neo-Brandeisian": supposedly "broader goals" are non-economic, and yet... the tech platform business model depends on violating privacy/platform neutrality & worsening quality. /4

Marshall Steinbaum 🔥 (@Econ_Marshall): To give an example: Rideshare relies on deceiving drivers to reduce their residual labor supply elasticity to increase markups & eliminate platform competition. Hard to see how that's "non-economic." /5

Marshall Steinbaum 🔥 (@Econ_Marshall): Does that mean pursuing deception as a component of an antitrust claim is a "broader goal?" The sloganeering dissolves into insensibility upon contact with empirical reality. My own view is that we should follow the data, not the dogma. /fin

Marshall Steinbaum 🔥 (@Econ_Marshall): An additional thought: I think @ErikPeinert is exactly right: The anger over a left critique of antitrust orthodoxy is because incumbents correctly perceive their sacred cows are no longer being worshiped and their cult will not survive their death.