Beth: regulatory capture is as old as the republic. The idea that big business was UN-regulated before the ICC is fatuous—though popularized
by many, including my advisors Al Chandler and McCraw. Letting economists write the narrative is a mistake: they intentionally distort to boost each other.
by many, including my advisors Al Chandler and McCraw. Letting economists write the narrative is a mistake: they intentionally distort to boost each other.
Reposted from
Beth Popp Berman
Every time I see George Stigler credited with inventing the concept of regulatory capture I want to write a letter to the editor.
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