Tag Archives: economic regulation

Friday Regulation Roundup

Postal Service pays incompetent employees over $20 per hour to not work. They can’t be fired because of union rules. So they come to the office and take naps, play cards, and fill out coloring books. And get paid for it.

-It is apparently against regulations to sell burgers and porn together without a permit.

NSF funds research to identify star soccer players.

Illinois high school administrator had $885,327 salary; retires with $601,978 annual taxpayer-funded pension. Total value of the pension? More than $26 million. Watch your back, Greece. America is right behind you.

-Ever want to have a web chat with the federal government about combustible dust? Here’s your chance.

Arizona spends $1,250,000 to save 250 squirrels. That’s $5,000 per squirrel.

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The Wisdom of George Stigler

George Stigler won a Nobel Prize for his work on the economics of regulation. He wrote extensively about regulatory capture, and in fact coined the term. He was one of only a few sane souls who stubbornly insisted that regulations be judged by their actual results, not their intended results. Good intentions, however noble, are not enough. Here’s an example of Stigler at his finest:

Regulation and competition are rhetorical friends and deadly enemies: over the doorway of every regulatory agency save two should be carved: “Competition Not Admitted.” The Federal Trade Commission’s doorway should announce , “Competition Admitted in Rear,” and that of the Antitrust Division, “Monopoly Only by Appointment.”

-George Stigler, “Can Regulatory Agencies Protect the Consumer?”, from The Citizen and the State: Essays on Regulation (1975), p. 183.