regulatory capture
Harold Demsetz and Israel Kirzner Understood That Competition Regulates Markets
Economists Harold Demsetz and Israel Kirzner challenged the prevailing orthodoxy in microeconomic analysis and public policy beginning with their respective work in the 1960s....
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 failures everywhere....
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 influence policy...
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 income. An...
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 the entry...
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 paper of...
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 mechanisms behind...
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 agencies. It...
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 years after...
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 things enrolled...
