Edited by William F. Shughart II, Laura Razzolini and Michael Reksulak
Chapter 17: Regulatory policy
Various individuals or groups can benefit from regulation: bureaucrats who seek more power or influence, legislators who can extort rents from regulated firms by threatening even more stringent regulations, regulated firms that want to deter the entry of potential rivals, labor unions that want to require all firms to provide the same working conditions to their members, employees who want to increase demand for the skills required by regulations, or owners of capital who want to increase demand for the types of capital used intensively in complying with regulatory requirements. With such a richness of possible beneficiaries, one might explain any given regulation, perhaps incorrectly, by identifying ex post some group that benefits from it.
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