Steven K. Vogel — Rethinking Stigler’s Theory of Regulation: Regulatory Capture or Deregulatory Capture?

Much government regulation does not fit the logic of Stigler’s theory of anti-competitive regulatory capture. In a new book, Steven Vogel of Berkeley argues that the theory of regulation needs to account for the phenomenon of captured regulators bent on deregulating—and that the critical consideration facing regulators is no longer how to enhance competition, but how different governance models favor different actors.

Rent capture.

ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of Business
Rethinking Stigler’s Theory of Regulation: Regulatory Capture or Deregulatory Capture?
Steven K. Vogel | Il Han New Professor of Asian Studies and a Professor of Political Science at the University of California, Berkeley