The Theory of Economic Regulation
Volume:Volume 2, No. 1
Issue: Spring 1971
Pages: pp. 3-21
Authors: George J. Stigler
Title: The Theory of Economic Regulation
Abstract: The potential uses of public resources and powers to improve the economic status of economic groups (such as industries and occupations) are analyzed to provide a scheme of the demand for regulation. The characteristics of the political process which allow relatively small groups to obtain such regulation is then sketched to provide elements of a theory of supply of regulation. A variety of empirical evidence and illustration is also presented.