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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

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...
Regulatory Capture

Did US Banks Try to Manipulate the Dodd-Frank Debate by Delaying Mortgage Foreclosures?

Sumit Agarwal
Did banks delay foreclosures on delinquent mortgages in the districts of House Financial Services Committee members prior to the passage of the Dodd-Frank Act?     The...
Regulatory Capture

Watch: “Stigler in the 21st Century”

ProMarket writers
Our 40th anniversary event brought together academics and intellectuals to discuss George Stigler’s legacy. Watch the second day's sessions.      The George J. Stigler Center for the Study of...
Regulatory Capture

In a Mexican Establishment Rattled by Corruption Scandals, Impunity Reigns

John M. Ackerman
High-profile scandals like Odebrecht, The Panama Papers, and Swiss Leaks have brought down powerful politicians and businesspeople across Latin America. In Mexico, however, not a...
Regulatory Capture

Stigler on Monopolies: “Competition is a Tough Weed, Not a Delicate Flower”

Douglas A. Irwin
Many of Stigler’s views on monopoly and antitrust were consistent through the decades. Even after his concerns of monopoly began to recede, he continued...
Regulatory Capture

George Stigler on Regulation: Lessons for Today

Sam Peltzman
October 20 marks the 35th anniversary of George Stigler’s Nobel prize, the first of Booth School of Business’s grand total of eight Nobels. To...
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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.