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George J. Stigler: 2 ideas worth knowing

2 ideas from George J. Stigler, each explained in a minute and credited to the original work. Free on Savvy.

• Regulators meant to police an industry often end up working for it

  In 1971, economist George Stigler argued that regulatory agencies, over time, tend to be 'captured' by the very industries they're supposed to oversee, since a concentrated industr…

  — George Stigler, The Theory of Economic Regulation

• Regulators meant to police an industry often end up working for its benefit instead

  Economist George Stigler argued in 1971 that regulatory agencies tend to be 'captured' by the very industries they're supposed to oversee, rather than serving the public interest. …

  — George J. Stigler, The Theory of Economic Regulation

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