Senior Lecturer and Director of Undergraduate Studies in the Department of Economics at Harvard University
Pro to the question "Should Insider Trading by Congress Be Allowed?"
"Democratic lawmakers apparently want to ban insider trading by members of Congress and their staffs. Perhaps unsurprisingly, these groups have so far been exempt from the general prohibition against insider trading.
Rather than broadening the ban, however, Congress should repeal it entirely. The ban is problematic on efficiency and equity grounds.
The ban is inefficient to the extent it delays release of relevant information, since this means delayed adjustment of stock prices. Markets cannot allocate resources properly unless they know which companies are doing well or badly.
The ban is inequitable because some corporate executives trade on inside information despite the law. Thus the ban rewards dishonest insiders."
Jeffrey Alan Miron, "Congress and Insider Trading," The Case for Small Government blog, Mar. 28, 2006
Experts Individuals with JDs, PhDs, other relevant advanced degrees, and government officials with significant involvement in, or related to, insider trading issues. [Note: Experts definition varies by site.]
Involvement and Affiliations:
Senior Lecturer and Director of Undergraduate Studies, Department of Economics, Harvard University
Board of Academic Advisors, Pioneer Institute for Public Policy Research, May 1995-present
Research Associate, National Bureau of Economic Research, 1989-present
Senior Class List of Favorite Teachers, Harvard College, 2008
Visiting Professor of Economics, Department of Economics, Harvard University, July 2004-June 2007
President, Bastiat Institute, Apr. 1999-June 2005
Reviewer, National Academies of Sciences' Report on Improving Research Information and Data on Firearms, July 2003
Visiting Professor of Economics, Sloan School of Management, Massachusetts Institute of Technology, Sep. 2000-June 2001
Chairman, Department of Economics, Boston University, Sep. 1992-Aug. 1998