The state —the machinery and power of the state— is a potential resource or threat to every industry in the society. With its power to prohibit or compel, to take or give money, the state can and does selectively help or hurt a vast number of industries. That political juggernaut, the petroleum industry, is an immense consumer of political benefits, and simultaneously the underwriters of marine insurance have their more modest repast. The central tasks of the theory of economic regulation are to explain who will receive the benefits or burdens of regulation, what form regulation will take, and the effects of regulation upon the allocation of resources.


p. 3; Lead paragraph - "The theory of economic regulation," 1971

George Stigler Quotes

The state —the machinery and power of the state— is a potential resource or threat to every industry in the society. With its power to prohibit...

The state —the machinery and power of the state— is a potential resource or threat to every industry in the society. With its power to prohibit...

The state —the machinery and power of the state— is a potential resource or threat to every industry in the society. With its power to prohibit...

The state —the machinery and power of the state— is a potential resource or threat to every industry in the society. With its power to prohibit...