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New page: George J. Stigler (1911-1991) was an economist at the University of Chicago who won the Nobel Prize in 1982 for "research on market processes and the causes and effects of public regulatio...
George J. Stigler (1911-1991) was an economist at the University of Chicago who won the Nobel Prize in 1982 for "research on market processes and the causes and effects of public regulation."<ref>http://nobelprize.org/nobel_prizes/economics/laureates/1982/press.html</ref> He was also a founding member of the Mont Pelerin Society, a libertarian economic group in Montana.
He is best known for his ''Economic Theory of Regulation'', which describes the problem of "agency capture." Agency capture occurs when an agency is established to regulate an industry, but the industry uses economic and political influence to dominate and obtain advantage from the decisionmaking of the agency. The industry ends up manipulating the agency for the benefit of itself, and to the detriment of the public and new companies. The [[FDA]] is an example of agency capture today.
Stigler also proposed that both demand and supply curves are always [[inelastic]] in the [[long run]].
== References ==
<references/>
He is best known for his ''Economic Theory of Regulation'', which describes the problem of "agency capture." Agency capture occurs when an agency is established to regulate an industry, but the industry uses economic and political influence to dominate and obtain advantage from the decisionmaking of the agency. The industry ends up manipulating the agency for the benefit of itself, and to the detriment of the public and new companies. The [[FDA]] is an example of agency capture today.
Stigler also proposed that both demand and supply curves are always [[inelastic]] in the [[long run]].
== References ==
<references/>