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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)

Antitrust and Competition

Why the Political Misuse of Antitrust Must be Prevented

Jonathan B. Baker
Misuse of antitrust for partisan purposes violates a norm intended to insulate enforcement from direct political influence and discourage politicians from exploiting enforcement decisions...
News

A New Stigler Center Case Study Explores the Link Between Italy’s Morandi Bridge Disaster and Crony Capitalism

Stefano Feltri
Two years ago, the Morandi bridge collapse claimed 43 lives. Based on financial statements, Italian government documents, and interviews with independent experts and corporate...
News

What is the Connection Between Collective Bargaining and Police Officer Misconduct? Evidence from Florida

Dhammika Dharmapala
A working paper finds that after sheriffs’ deputies in Florida were allowed to unionize, violent incidents increased by 40 percent. In the aftermath of the...
Antitrust and Competition

When Scholarship Turns Into Business: Stefano Feltri Responds to Paul Milgrom

Stefano Feltri
Stefano Feltri responds to Paul Milgrom’s criticisms of his recent ProMarket piece on the 2017 FCC spectrum auction. In his response, Paul Milgrom discloses some...
Antitrust and Competition

Should We Leave Public Resource Allocation to the Experts? Glen Weyl Responds to Paul Milgrom

Glen Weyl
Glen Weyl, Microsoft’s Office of the Chief Technology Officer Political Economist and Social Technologist, responds to Paul Milgrom’s criticisms of his recent ProMarket piece...
Antitrust and Competition

Was the 2017 FCC Spectrum Auction a Success—or a Disappointing Failure?

Asher Schechter
In a post published on his company’s website, Stanford professor Paul Milgrom responded to the recent ProMarket pieces by Glen Weyl and Stefano Feltri...
Commentary

How to Get Police Reform Done? Use Direct Democracy

John G. Matsusaka
Instead of just imploring their representatives to fix things, Americans can use the tools of direct democracy to take charge and promote meaningful policing...
Commentary

Break Up the Police

Luigi Zingales
In most cities in America, it is not the police that answers to the mayors, but the mayors to the police. The only solution...
Antitrust and Competition

Paid to Show the Drug Works: Why “Blind” Clinical Trials for New Drugs are Far Less Blind Than They Should Be

Jessie Wrobel
New research shows that physicians in industry-sponsored trials are more captured by pharmaceutical companies than physicians in unsponsored ones. Economists love health care because it...
Antitrust and Competition

It Is Such a Small World: The Market-Design Academic Community Evolved in a Business Network

Stefano Feltri
Private equity funds such as Michael Dell's MSD Capital made hundreds of millions of dollars in profits from the 2017 FCC spectrum auction, thanks...
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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.