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Marshall Steinbaum

@econmarshall.bsky.social
10.7K followers 701 following 2.1K posts

Assistant Professor of Economics at the University of Utah. Senior Fellow in Higher Education Finance, Jain Family Institute. Views my own. marshallsteinbaum.org

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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
Most importantly, we demonstrate that contra @mattyglesias.bsky.social, it is indeed possible to quantify the intangible aspects of corporate power using new text analysis methods and demonstrate that it has grown over time. /28
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
We explore one explanation for the shift: private equity. Chains that adopt franchisor-favoring provisions become 2-5pp more likely to be acquired by PE within five years. Stripping exclusive territories signals room for rapid expansion to prospective investors. /21
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
We surveyed 300+ franchisees across 234 chains. 61% say control has gotten more onerous over time, stable at 60-70% regardless of tenure. /14
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
The FTC complaints analysis is new in this version: @mikelipsitz.bsky.social joins as coauthor and we introduce the first systematic matching of 72,000+ franchise complaints to contract terms. Complaints broadly track overall FTC complaint trends and do not fall as control rises. /11
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
Franchise fees rise with franchisor control. Chains that adopt more restrictive provisions also charge more to enter. Whatever these restraints are doing, they are not generating compensating differentials for franchisees. /9
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
We reduce the provisions to a single latent index of franchisor control using an item-response model. The entire distribution shifts rightward over 15 years. This holds in balanced panels tracking the same chains over time--it's not driven by compositional change. /7
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
Pricing restraints, sourcing mandates, product-mix control, noncompetes, speech restrictions, and data-sharing requirements all rose simultaneously. The movement is in one direction only across every domain we measure: toward greater franchisor control and reduced franchisee autonomy. /6
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2026
The most striking finding: exclusive territories--the franchisee's protected local market and the traditional basis for the bargain between franchisor and franchisee--fell from a majority of chains to ~20%. The franchisor's right to invade the franchisee's territory is now near-universal. /5
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Marshall Steinbaum @econmarshall.bsky.social · 24/03/2026
Event study results confirm: wages rise more steeply and job postings fall more sharply in RPM-restrained chains after a minimum wage hike. The opposite for chains with exclusive territories. /13
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Marshall Steinbaum @econmarshall.bsky.social · 24/03/2026
The key result: the wage effect of minimum wage increases is MUCH larger for chains using RPM (7.6%) than for chains without it (1.3%). That difference is statistically significant (p = 0.04). Minimum wages are more binding where franchisees have less autonomy. /10
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Marshall Steinbaum @econmarshall.bsky.social · 24/03/2026
Baseline result: franchise chains that use RPM pay lower wages (2.2% lower) and post more job ads (indicating higher turnover). Chains with exclusive territories pay higher wages (3.1% higher) and post fewer ads. Less franchisee autonomy = worse labor standards. /6
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Marshall Steinbaum @econmarshall.bsky.social · 21/03/2026
regulations.utah.edu/academics/6-...
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Marshall Steinbaum @econmarshall.bsky.social · 26/01/2026
Argula von Grumbach admonishing the professoriate of Ingolstadt for expelling a Lutheran student. (From Lyndal Roper’s Summer of Fire and Blood)
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Marshall Steinbaum @econmarshall.bsky.social · 29/11/2025
How does human capital theory survive the existence of this paper?
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Marshall Steinbaum @econmarshall.bsky.social · 17/11/2025
Fantastic podcast episode. At one point @katewagner.wehwalt.net points out that McMansions come in all sorts of styles, including post-modern, which consists of oddly arranged rectangles. Behold my neighbor, completed ca. 2024. The owner is from Texas. www.patreon.com/posts/143733...
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Marshall Steinbaum @econmarshall.bsky.social · 15/11/2025
The emails have Summers reporting to Epstein about his attempts to date a Harvard economics student & to hit on her during a seminar she was giving.
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Marshall Steinbaum @econmarshall.bsky.social · 14/10/2025
I have a new piece in @lpeblog.bsky.social “Anti-monopolism as an Ideology of the Left” responding to @gabrielwinant.bsky.social’s “provocation.” lpeproject.org/blog/anti-mo...
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Marshall Steinbaum @econmarshall.bsky.social · 28/04/2025
They don’t make ‘em like they used to.
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Marshall Steinbaum @econmarshall.bsky.social · 26/04/2025
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Marshall Steinbaum @econmarshall.bsky.social · 20/04/2025
They’re getting uppity. I support tariffs now.
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Marshall Steinbaum @econmarshall.bsky.social · 19/04/2025
This is damage control when they perceive they overreached and a meaningful opposition is finally taking shape, right??
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Marshall Steinbaum @econmarshall.bsky.social · 18/04/2025
Highly gratifying slide h/t @jcwetcoast.bsky.social
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Marshall Steinbaum @econmarshall.bsky.social · 14/04/2025
Bravo.
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Marshall Steinbaum @econmarshall.bsky.social · 30/03/2025
Getting warmer.
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Marshall Steinbaum @econmarshall.bsky.social · 30/03/2025
Verdict: inaccurate. cc @wwwojtekk.bsky.social
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Marshall Steinbaum @econmarshall.bsky.social · 17/03/2025
Odd that this isn’t what they were saying during the many shutdowns (and pre-shutdown wrangling) brought on by GOP congresses during Dem presidential administrations.
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Marshall Steinbaum @econmarshall.bsky.social · 15/03/2025
I thought the premise of One Billion Americans was openness to immigration & “abundance” but turns out it’s just overseas conquest.
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Marshall Steinbaum @econmarshall.bsky.social · 15/03/2025
From the last section of my article “The Intellectual Legacy of Progressive Economics” with Bernie Weisberger, titled “So what do we owe the Progressives?” Seems relevant. marshallsteinbaum.org/wp-content/u...
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Marshall Steinbaum @econmarshall.bsky.social · 13/03/2025
Thanks Makan Delrahim.
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Marshall Steinbaum @econmarshall.bsky.social · 06/03/2025
Well that's always nice to hear.
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Marshall Steinbaum @econmarshall.bsky.social · 06/03/2025
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Marshall Steinbaum @econmarshall.bsky.social · 24/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 17/02/2025
Aren’t his rockets known for exploding?
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
This one is awkward because having written the prompt as a joke, I kind of agree with the thing it produced.
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
I wonder if the people who lambasted the previous FTC chair for supposedly alienating staff, incl departed commissioners, have anything to say about this. My guess is no, since it doesn't threaten their clients' interest, and their previous concern for FTC staff welfare was wholly instrumental.
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
America’s “opinion journalists” all of the opinion that the best use of their time is pointing out that Trump & Musk are right about this one thing and in any event it would be politically unwise to attack them for it.
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
Hey remember this? Any updates?
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
Oh look, the guy who lied about student debt repayment is in the newspaper posing as a defender of academia.
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
One such federal worker 👇
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 15/02/2025
Lina Khan never grandstanded like this, but this will cause far less agita in the antitrust establishment because they know this doesn’t threaten them.
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Marshall Steinbaum @econmarshall.bsky.social · 12/02/2025
He’s still doing the “tenure-Americans” thing? Someone should ask him how he’s retained his job in DC this long given everyone hates him.
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Marshall Steinbaum @econmarshall.bsky.social · 08/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 02/02/2025
Oops
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Marshall Steinbaum @econmarshall.bsky.social · 02/02/2025
Any word on this?
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Marshall Steinbaum @econmarshall.bsky.social · 02/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 01/02/2025
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Marshall Steinbaum @econmarshall.bsky.social · 29/01/2025
Now that's what I call some well-targeted outreach. To my University of Utah account no less!
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