Whenever a government creates a body to regulate a trade
for the benefit
of the people, the trade gains control of the body for the
benefit of the
trade at the expense of the people.
Sorry for no help in the particular, but I remember a paper I
wrote 20 years ago making this point,
The idea, called regulatory capture is associated with George
Stigler. Posner's paper Theories of Economic Regulation, Richard
Posner, Bell Journal of Economics and management science, Vol. 5, No. 2,
pp.
335-358, 1974. brought the idea ought very clearly as I recall but I am
not aware of that
Posner's article on economic regulation distinguished it from social regulation,
which is still a separate and largely unexplained phenomenon.
See Jonathan Wiener "On the Political Economy of Global Environmental
Regulation", Georgetown Law Journal, Vol. 87, #3 (February 1999).
Alex Tabarrok
. Happiness is never grand.
World Controller Mustapha, Brave New World -Aldous Huxley
- Original Message -
From: Grey Thomas [EMAIL PROTECTED]
Date: Thursday, May 29, 2003 10:06 am
Subject: RE: [Forum] Quoth who?
Whenever a government creates a body to regulate a trade
for the benefit
