Rethinking Stigler’s Theory of Regulation: Regulatory Capture or Deregulatory Capture?

Much government regulation does not fit the logic of Stigler’s theory of anti-competitive regulatory capture. In a new book, Steven Vogel of Berkeley argues that the theory of regulation needs to account for the phenomenon of captured regulators bent on deregulating—and that the critical consideration facing regulators is no longer how to enhance competition, but how different governance models favor different actors.  

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Prize-Winning Innovations in Measuring Civic Capital and Its Effects

The European Economic Association has announced that this year’s Hicks Tinbergen medal will go to ProMarket editor and Stigler Center faculty director Luigi Zingales and his coauthors Luigi Guiso and Paola Sapienza for their 2016 paper “Long-Term Persistence.” Here, a current coauthor of Sapienza and Zingales credits the prizewinners with helping to make the study of informal institutions mainstream in economics.  

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Guns and Votes: The Victory of an Intense Minority Against an Apathetic Majority

This column on the “gun-control paradox”—the fact that gun regulations continually fail in the US Congress despite being supported by around 90 percent of US citizens—appeared in 2013 on VoxEU.org after the shooting at Sandy Hook Elementary and was republished in 2017 after the Las Vegas mass shooting. Following the Parkland mass shooting, we are republishing it with a new preface by one of the coauthors.  

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Have Business Schools Lost Their Way? Duff McDonald Talks HBS and the Moral Failure of the MBA Elite

Harvard Business School is the largest business school in the world, but is it fulfilling its founding mission of educating businesspeople who “handle their current business problems in socially constructive ways”? Duff McDonald, author of the recent The Golden Passport, speaks to ProMarket about whether business schools should incorporate ethics into their teaching and how he went about writing a book about HBS despite being denied access to HBS faculty.  

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