Observations of a Trust-Busting Economist

Nancy Rose

Public policy has been a lifelong interest of Nancy Rose, the Charles P. Kindleberger professor of applied economics at Massachusetts Institute of Technology. But as a government major in college, she initially thought a law degree and running for political office were the best avenues to shaping public policy. Only when she took a class on economic regulation in her junior year did she become “utterly hooked” on economics.

The class occurred amid a huge policy debate about economic deregulation and restructuring, which was affecting the institutions that she was studying in her government classes or working with during summer internships in Washington, Rose explained.

“This economics class showed me that I could use economics to construct a framework both to analyze those institutions and understand the political forces that were pushing for the changes and carry them forward when those institutions changed, something that was durable and versatile and exciting and hugely policy relevant,” she said.

After graduating with a double major in government and economics, Rose worked as an economist on regulatory issues with a Washington law firm. Her experience there spurred her to get a doctorate in economics rather than a law degree.

In a Women in Economics Podcast Series episode, Rose discussed her experience as an antitrust regulator, her work with the National Bureau of Economic Research, the fulfilling role of teaching and mentoring, and advice on publishing and networking. (The episode includes a transcript of the interview.)

Rose’s academic work eventually led her to become deputy assistant attorney general for economic analysis in the antitrust division of the U.S. Department of Justice from 2014 to 2016. She described her time there as the most exciting and rewarding period of her career.

“Largely, mergers were our focus, given that we were in the midst of a merger tsunami during my time, so those show up on the doorstep of the antitrust agencies, and you have 30 days to decide if they need a closer look, and then you’re on a pretty tight timeclock to decide whether or not they need to be challenged.”

While she was at DOJ, among the anticompetitive mergers that the antitrust division blocked were the Aetna-Humana and Anthem-Cigna deals.