“Regulation may be actively sought by an industry, or it may be thrust upon it.”

—  George Stigler

Source: "The theory of economic regulation," 1971, p. 3
Context: Regulation may be actively sought by an industry, or it may be thrust upon it. A central thesis of this paper is that, as a rule, regulation is acquired by the industry and is designed and operated primarily for its benefit. There are regulations whose net effects upon the regulated industry are undeniably onerous; a simple example is the differentially heavy taxation of the industry's product (whiskey, playing cards). These onerous regulations, however, are exceptional and can be explained by the same theory that explains beneficial (we may call it "acquired") regulation.

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George Stigler 20
American economist 1911–1991

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