regulatory capture

George Stigler and the Challenge of Democracy

We are all victims of what George Stigler described as “the pervasive use of state support of special groups” and of governance...

Let’s Not Forget George Stigler’s Lessons about Regulatory Capture

George Stigler’s theory of economic regulation opened our eyes to the rent-seeking that undermines the public interest. Yet many in positions to...

Barriers to Entry as Another Source of Top Income Inequality

A new book, The Power of Creative Destruction, explores how lobbying contributes to the increase in the top 1 percent’s share of...

Lobbying for Globalization: How the Winners Dominate the Politics of Trade Agreements

Lobbying on free trade agreements has been dominated by a few very large firms, which experience large gains as a result of...

George Stigler’s Paper on Regulation and the Rise of Political Economy

George Stigler’s “The Theory of Economic Regulation” is not just the founding paper of economics of regulation. It is also a founding...

Stigler’s Interest-Group Theory of Regulation: A Skeptical Note

As a rule, regulation is not acquired by “the industry,” and it is not designed and operated primarily for its benefit. The...

The Durable Impact of Stigler’s Theory of Economic Regulation

George Stigler’s “The Theory of Economic Regulation” was an early application of public choice reasoning to a practical problem—the work of regulatory...

Economic Regulation After George Stigler

George Stigler’s “The Theory of Economic Regulation” has left a lasting impact on the academic and real-world practice of regulatory policy. Fifty...

The Texas Power Failure: How One Market Model Discovered Its Natural Limits

Relying on marginal market prices to provide the incentives for the production and delivery of electricity means that all of the biophysical...

The Texas Blackouts and the Problems of Electricity Market Design

Even in an ideal electricity market, reliability is an elusive and precarious byproduct of companies’ search for profits. Since market designers are...

LATEST NEWS

Voters Still Believe Politics is About the Common Good, Not Just Rent-Seeking

Do voters still believe that politics can be a source for common-good policies and not just partisan bickering and rent-seeking? With political...

How to Design Data Protection Laws That Actually Work 

More and more countries are passing data protection laws, yet empirical studies show that these laws rarely deliver on their promises. A...

Are Monopolists or Cartels the True Source of Anticompetitive US Political Power?

Trade associations are often the biggest obstacles to competitive markets, especially when those organizations use their influence to change public policy in...

The Uber Files Reveal The Risk of Private Interests Controlling Our Data

Researchers discovered that the introduction of Uber had negative impacts on transportation, findings that required cooperation with public authorities when Uber refused...

Google’s Anticompetitive Conduct and the Remedies to Prevent It

The Stigler Center, of which ProMarket is a part, recently hosted a panel discussion looking at the antitrust case against Google and...