Kenneth J. Arrow, one of the most influential economists of the 20th century, reflects on the benefits of a single payer health care system, the role of government and regulatory capture.
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The Insider’s Guide to the Regulatory Game: Anonymous Source in the Pharma Industry in a Series of Columns on the Inner Workings of the Industry
Sitting across the table from me was Brad (not his real name), a top sales representative at a large pharmaceutical company. I asked him about the receipts for over $2000 in gift certificates to a Michelin star restaurant, expensed to the company, that were lying on the table.
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Can a CEO in Good Conscience Not Be a Crony Capitalist?
The above question — posed by Brucest1, a reader of this blog — is extremely important and deserves a fully articulated answer. Brucest1 seems to conclude that a good CEO ought to be a crony capitalist: “Given the deep and often perverse immersion of our governments in business, how can a CEO in good conscience not be a Crony Capitalist.”
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Stigler Center Talk: Bo Rothstein on What Makes Scandinavian Countries Non-Corrupt
Oxford’s Bo Rothstein, one of the most influential political scientists in the world today, will discuss the historical experience of Scandinavian countries in eradicating corruption and transforming themselves into advanced democracies.
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The True Price of Reduced Competition in Health Care: Hospital Monopolies Drastically Drive Up Prices
New study reveals the potential damage of the merger frenzy that has accelerated in recent years.
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Stigler Center Talk: Robert Bilott on How to Protect Our Drinking Water
The lawyer who has been dubbed “DuPont’s Worst Nightmare” will discuss the legal, regulatory, political, and scientific challenges of addressing unregulated chemical contaminants in drinking water on March 31st.
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Stigler Fellow of the Month: Beyond the Traditional Capture Theory
Harvard Business School’s Rafael Di Tella is “Stigler Fellow of the Month“. He talks about how any theory of regulation should consider the roles that media, threats and public opinion play.
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Why This Blog?
There is an issue that– while extremely important today–receives little attention not only in the traditional media but also in the blogosphere, and academia: the subversion of competition by special interests. Following Adam Smith, the vast majority of economists believe that competition is the essential ingredient that makes a market economy work.
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Stigler Center Survey Reveals: Majority of Americans Concerned About the Influence of Campaign Donors on Candidates
Survey: 57 percent of Americans believe candidates who take money from big businesses, unions and special interest groups are under their control.
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From Mancur Olson to Bernie Sanders
Professor George Stigler, the Nobel Laureate (1982) who in some ways invented the idea of “regulatory capture,” and Professor Mancur Olson, who developed some of the most important ideas of “public choice,” are not around anymore. If they were alive today, they would probably be surprised to learn that the first politician in recent U.S. history to take their advice seriously and challenge them is a self-described socialist.
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Is Fraud in the Financial Sector a “Bug” or a “Feature”?
Study: 7 percent of financial advisers have misconduct records – 44 percent are hired within a year. A new paper by Mark Egan, Gregor Matvos and Amit Seru reveals that misconduct within the financial industry is much more prevalent than previously thought.
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Donald Trump, Crony Capitalist
The sleep of reason produces monsters, at least according to Spanish painter Francisco Goya. What happens when the political reason is intoxicated by vested interests and corrupt campaign financing? The monsters it produces are even more frightening. This is my interpretation of the rise of Donald Trump, as I write in my latest New York Times Op-Ed.
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