Steven M. Teles

Steven M. Teles is associate professor of political science at Johns Hopkins University and a senior fellow at the Niskanen Center. This piece is adapted from their upcoming book “The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality”(Oxford University Press).

Excessive Zoning Makes Us Poorer and More Unequal

We normally think of income inequality as a function of differences in class or socioeconomic status. But much more than generally realized, geographic differences...

How Regulation Subsidizes Big Finance

If you want to understand how the US economy is producing big gains for those at the top and stagnation for everybody else, the...

How Medical Licensing Drives Up Health Care Prices

The role of licensing in driving up health care costs has been almost completely ignored. The apparent explanation is that nobody can imagine that...

Intellectual Property Laws: Wolves in Sheep’s Clothing

The excesses of IP law are now a serious obstacle to innovation and economic growth. In the rogues’ gallery of regulatory rent-seeking, copyright and patent...

Worried About Concentration? Then Worry About Rent-Seeking

Rent-seeking is a, if not the, mother of excess market power. The apparent increase in U.S. industrial concentration has raised growing concerns about weakening competition...

Latest news

Healthcare Companies Spent More on Lobbying Than Any Other Industry Last Year

Threatened by regulated price caps from congress, the pharmaceutical industry spent nearly $390 million on lobbying in 2021 according to new data...

Antitrust and Rule by Judges

The early-1980s Posner-Stigler memorandum to incoming president Reagan’s transition team is interesting for a host of reasons, but most of all in...

Should the European Union Require Tech Firms to Adopt a Common Charger?

According to a new European Commission directive expected to be approved in the next few months, tech firms will have to use...

Chart of the Week: Economists Don’t Think Congress Should Make Price Gouging Illegal

Most economists disagree with a new bill in the US that would set limits on "unconscionably excessive prices," according to a recent...

Neoliberal Economists Are Giving Biden Bad Advice on Inflation

To spare the economy from the pain of further interest rate hikes, the President should aggressively pursue anticompetitive conduct by companies in...

How Would the Big Tech Self-Preferencing Bill Affect Users? 

The Senate looks to be nearing a vote on the American Innovation and Choice Online Act, which would prohibit gatekeeping digital platforms...

New eBook Revisits George Stigler’s Theory of Regulatory Capture 50 Years Later

To mark the 50-year anniversary of George Stigler’s seminal piece, “The Theory of Economic Regulation” we are publishing a new eBook examining...