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Commentary

The Many Faces of Stigler’s Theory of Economic Regulation: Interest Group Politics Still Thrives—But Industry Often Comes Second

Richard Epstein
Stigler treats industry groups as the heavyweights in regulatory contests. But surprisingly often groups of farmers and workers knock them for a loop in...
Commentary

The Incoming Currency War

Luigi Zingales
Four powerful forces—cryptocurrencies, the decoupling of geographical and monetary boundaries, ad-based digital platforms’ foray into the world of payments, and the value of data—are...
Commentary

George Stigler’s Errors and Their Virtues

Daniel Carpenter
George Stigler might have been wrong in his essay on economic regulation, but his influence is undeniable. The unity of purpose in his writings...
Antitrust and Competition

Fake Comments Cause Real Harm: How the Public Comment Process Was Corrupted

Harold Feld
Turning a blind eye to the corruption of the public comment process—or worse, lumping together genuine mass comments with fraudulent comments—corrupts the rulemaking process. At...
ESG, Corporate Governance & Future of the Firm

George Stigler and the Challenge of Democracy

Anat Admati
We are all victims of what George Stigler described as “the pervasive use of state support of special groups” and of governance failures everywhere....
Academic Capture

Iowa’s “Butter-Margarine War”: T. W. Schultz’s Fight for Academic Freedom

David Seim
During the Second World War, economists at Iowa State College published a pamphlet titled “Putting Dairying on a War Footing,” which would later come...
Antitrust and Competition

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

Susan E. Dudley
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...
Antitrust and Competition

Barriers to Entry as Another Source of Top Income Inequality

Philippe Aghion
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...
Antitrust and Competition

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

Michael Blanga-Gubbay
Lobbying on free trade agreements has been dominated by a few very large firms, which experience large gains as a result of the entry...
Antitrust and Competition

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

Andrei Shleifer
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...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.