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Regulatory Capture

When regulation protects narrow interests – usually the interests of the incumbent industry – at the expense of the public interest. Capture occurs in various ways: from straightforward bribes and threats, to more implicit quid pro quos such as the lucrative future employment (revolving door), to softer forms of cognitive/cultural capture.
“… as a rule, regulation is acquired by the industry and is designed and operated primarily for its benefit.” George Stigler – The Theory of Economic Regulation (1971)

Regulatory Capture

Prize-Winning Innovations in Measuring Civic Capital and Its Effects

Prateek Raj
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...
Regulatory Capture

What Glue Holds Communist Capitalism Together in China? Cronyism

Samantha Eyler-Driscoll
With a few cronyist tweaks, China’s communist leaders made capitalism safe for Party rule. But will cronyism become China’s next booming export? The Chinese economy...
Regulatory Capture

What Insights Do Taxi Rides Offer into Federal Reserve Leakage?

David Andrew Finer
Does investment-relevant information leak from the Fed? A new Stigler Center working paper finds surprising and novel evidence in a public dataset.     One of the...
Regulatory Capture

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

Paola Conconi
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...
Regulatory Capture

The Other World Bank Scandal: A New Study Documents How Corporate Collusion Hurts the Bank’s Credibility—and Harms Sustainable Development

Samantha Eyler-Driscoll
While the World Bank scrambles to contain the Doing Business rankings firestorm, a new paper by Rabia Malik and Randall Stone traces a more...
Regulatory Capture

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

Asher Schechter
Harvard Business School is the largest business school in the world, but is it fulfilling its founding mission of educating businesspeople who "handle their...
Regulatory Capture

George Stigler and How Freshwater Economics Won the Day

ProMarket writers
Colleagues and protégés reminisce about the late George Stigler and his impact on the development of economic thought. Since they first rose to mainstream prominence in the...
Health Care

The Secret Driver of US Health Care Costs: Politicians Wanting to Get Reelected

Asher Schechter
A pioneering new study provides a first-of-its-kind look into the outsized effect that lobbying and political maneuverings have on health care spending. Americans spend significantly more...
Regulatory Capture

Tyler Cowen: Complacent Americans Can’t Imagine a Future Unlike the Present

Samantha Eyler-Driscoll
In conversation with Stigler Center director Luigi Zingales, Tyler Cowen—one of the brains behind the world’s most popular economics blog, Marginal Revolution—argues that a...
Regulatory Capture

Chicago’s Hidden Figure: A Chat with Claire Friedland on her Work with George Stigler

ProMarket writers
Claire Friedland, who served as George Stigler’s research assistant from 1959 until his death in 1991, reminisces about her decades of pioneering work with Stigler and...
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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.