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Catfish and Big Business

By Stuart Buck, Esq.

Many people seem to believe that regulation is something that big business hates, and that someone who opposes a particular regulation must be acting as a "stooge" for business interests. That belief is more of a caricature than anything else. In 1971, Nobel economist George Stigler published a famous article: The Theory of Economic Regulation. Stigler argued that industry regulation, far from being oppressive to big business, is usually "acquired by the industry and is designed and operated primarily for its benefit." How does this occur? Often what occurs is the industry demands that the state control who gets to enter the industry in the first place -- say, licensing laws (an egregious example would be laws requiring casket salesman to be licensed)...continue to full post

Full post as published by The Buck Stops Here on July 05, 2009 (boomark / email).