Stigler, George

George Stigler was a renowned economist known for his work in the field of industrial organization and regulation. He introduced the idea that regulation often serves the interests of established industries rather than the public, a concept called the "capture theory." Stigler also contributed to understanding how markets function efficiently and emphasized the importance of information in economic decisions. His insights helped explain why government policies sometimes fail to serve the public interest and how economic incentives shape regulatory actions. Overall, his work sheds light on the complex relationship between markets and government regulation.