SUMMER SCHOOL
Markets and Governments: a Theoretical Appraisal
THIRD EDITION
POWER: MARKETS, ETHICS AND INSTITUTIONS
Villa Mondragone, Rome - June, 18th-20th, 2025
“Painting by Enzo Amendola“
“Professor Hayek does not see, or will not admit, that a return to free competition means for the great mass of people a tyranny probably worse, because more irresponsible, than that of the State”, George Orwell: “A Review of The Road to Serfdom by F.A. Hayek”, Observer, April 9th 1944.
“It seems to be nothing more than simple and obvious wisdom to compare social institutions as they might be expected actually to operate rather than to compare romantic models of how such institutions might be hoped to operate. [...] The socialist mystique to the effect that the state, that politics, somehow works its way toward some transcendent “public good” is with us yet, in many guises, as we must surely acknowledge”, James Buchanan: “Politics without romance: a sketch of positive public choice theory and its normative implications”, Physica, 1979.
Why a School
The discipline of economics occupies a central role in the social sciences. Its conclusions are a key reference in public discussions. From a theoretical point of view, however, the foundations of the discipline appear far from being unambiguously established. Its basic prescriptions rest on assumptions which still deserve to be more fully understood and explicitly discussed. The MGTA initiative attempts at reexamining a very classic theme in economic thought, the tension between markets and governments, from the perspective of contemporary economic theory.
This year's summer school will focus on power.
While power is abstracted away in the fictional world of perfectly competitive markets, asymmetric bargaining power, market power, and political power are pervasive phenomena in actual economies. Market outcomes are shaped by power inequalities, with both distributive and efficiency implications. For instance, the market power of firms affects how much consumers have to pay for goods and services and how much money the recipients of capital income can make. But it also affects, dynamically, technological progress and growth: market power may stifle innovation.
Government interventions may be required to redress major power imbalances but policies themselves are not designed in a vacuum as government decisions are affected by powerful actors in the political sphere, as well as by (powerful) vested interests. But power may matter, normatively, beyond its effect on efficiency and distribution: major power imbalances between economic actors may be disputable per se, as they undermine fundamental relational values. Thus, a focus on power provides an interesting counterpoint to the distributive focus that dominates normative analyses in economics.
This year's summer school will discuss the notion of power in its many dimensions, focusing on ways to conceptualise (and model) power in economics, the effects of power in goods markets and in the labour market, the normative implications of power asymmetries, the gendered dimension of power, possible interventions to mitigate unequal distributions of power.
The school aims at offering a critical review of all these issues. We will alternate traditional lectures by academics who have contributed to different areas of contemporary economic theory, with discussions around the presentation of recently published texts. In particular, the school aims to provide an opportunity to contrast contemporary economic theory with recent developments in political philosophy.
Programme
The school is organized over three days at Villa Mondragone, in Monteporzio Catone.
Preliminary Programme
JUNE 18th
- 9:15h-9:45h: Wake-up Coffee
- 9:45h -10:00h: Welcome
- 10:00h-11:30h: H. Moulin (University of Glasgow)
- 11:30h-11:50h: Coffee break
- 11:50h-13:20h: C. Bayer (University of Bonn)
- 13:20h-15:15h: Lunch
- 15:15h-16:45h: A. Rubinstein (New York University)
- Book “No Prices No Games! Four Economic Models"
JUNE 19th
- 9:15h-10:00h: Wake-up Coffee
- 10:00h-11:30h: S. Lukes (New York University)
- 11:30h-11:50h: Coffee break
- 11:50h-13:20h: N. Vrousalis (Rotterdam University)
- Book “Exploitation as Domination"
- 13:20h-14:45h: Lunch
- 15:15h-16:45h: P. Pettit (Princeton University)
JUNE 20th
- 9:15h-10:00h: Wake-up Coffee
- 10:00h-11:30h: R. Pande (Yale University)
- 11:30h-11:50h: Coffee break
- 11:50h-13:20h: T. Valletti (Imperial College)
- 13:20h-15:15h: Lunch
- 15:15h-16:45h: M. Bombardini (University of California Berkeley)
Applications
We expect to accommodate a maximum of seventy participants at the school. Interested participants should apply by filling the registration form. The deadline for applying to the school is April 7th, 2025. Acceptance decisions will be communicated by April 23rd, 2025 (non EU-citizens who may need to apply for VISA can contact us if they need an earlier answer).
To ensure effective participation, and to guarantee that the available seats will actually be filled, the school requires a registration fee of 250 euros. However, we are pleased to announce the availability of several scholarships that will guarantee exemption from the tuition for selected applicants .
Directions and Accommodations
In what follows you can find useful indications to reach Villa Mondragone
Directions
Fiumicino Airport
From Fiumicino airport take the fast train (LEONARDO EXPRESS) to Termini railway station (departures every 30 minutes, first departure at 06:35, last departure at 23:35, ticket 9,50 €.
A taxi to reach Rome should cost around 40,00/60,00 €.
Frascati downtown can be conveniently reached from Termini central railway station by train. Trains nearly every hour; journey takes about 40 minutes. Tickets are available at the Station and cost 1,70 €.
Ciampino Airport
The following bus and train services are available from Ciampino:
• the Terravision bus (Roma Termini central station - Roma Ciampino airport )
• the Cotral/Schiaffini bus nightly connections (Roma Termini central station - Roma Ciampino airport )
• the subway + the Cotral/Schiaffini bus (Line A, Anagnina station - Roma Ciampino airport )
• the train + the Cotral/Schiaffini bus (Ciampino railway station - Roma Ciampino airport)
Back
From Termini Railway Station
Take the underground "A" to the final stop Anagnina (ticket 1 €).
From ANAGNINA underground "A" final stop catch a blue COTRAL bus direction Rocca Priora (bus-shelter n.° 6) to Monteporzio Catone and get off at the Villa Mondragone.
Frascati downtown can be conveniently reached from Termini central railway station by train. Trains nearly every hour; journey takes about 40 minutes. Tickets are available at the Station and cost 1,70 €.
By Car or Taxi/Uber
From highway A1 Milano - Napoli or from highway A24 Roma - L'Aquila/Pescara: follow direction Roma Sud, exit Monte Porzio Catone, then follow signs to Villa Mondragone and Hotel Villa Vecchia (follow the road signs for Frascati).
From downtown Rome:
take the G.R.A. (Grande Raccordo Anulare, the ring highway around Rome) to the highway A1 Roma - Napoli, then exit Monte Porzio Catone. Follow signs to Villa Mondragone and Hotel Villa Vecchia.
Accommodations
Below are some of the hotels in convention with Tor Vergata University in Frascati
- Hotel Flora, Viale Vittorio Veneto, 8, Frascati (Rome)
- Hotel Colonna, Piazza del Gesù, 12, Frascati (Rome)
- Hotel Villa Mercede, Via Tuscolana, 20, Frascati (Rome)
- Hotel Villa Vecchia, Via Frascati, 49, Frascati (Rome)
- Residence Frascati, Via Carlo Lucidi, 2, Frascati (Rome)
- Antica Terrazza Frascati, Via Garibaldi, 1, Frascati (Rome)
Organisers and Contacts
Scientific Organisers
Local Organisers
Contacts
Summer School: “Markets and Governments: a Theoretical Appraisal”
c/o Villa Mondragone, Monte Porzio Catone (Rome) Italy
phone: +39 06 7259 5601
e-mail: MGTA@ceistorvergata.it