There’s more on the Nobel Prize for Economics over at the Wall Street Journal and The Economist. I’m slightly less pleased about Williamson now. I’m sure he’s right that there are areas where vertical integration isn’t a bad thing, but in electricity it tends to get used to destroy what little competition is actually possible. Given what people are writing about Williamson, he’d look at each case separately, but other people tend to go with “vertical integration is OK”, which can be dangerous.

Elsewhere Lynne Kiesling would like it to be known that she’s more of a libertarian than a Libertarian which, given the behavior of some self-styled Libertarians, is entirely understandable.