The theory of  economic regulation
George J. Stigler
The University of Chicago

The potential  uses  of  public  resources  and  powers  to  improve  the
ecorzomic  stati~s  of  economic  groups  (such  as  industries  and  occupa-
tions) are  analyzed  to  provide  a  scheme  of the demand  for  regulation.
The characteristics of  the  political process  which allow  relatively small
groups  to obtain such  regulation  is  then sketched  to provide  elements
of a  theory of supply of regulation. A variety of  empirical evidence and
ill~istration  is also  presented.