"It is to be observed that economists who defend monopoly in antitrust cases are better paid than the governments economists: Do sinners always earn more than the virtuous who combat them? Probably yes; one must be compensated for bearing the opprobrium of sinning." George Stigler
Anyone with interest in regulation of firms and industry must have encountered George Stigler, to who was awarded the Nobel Prize in the Economic Sciences in 1982 for "his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation." The quote above, extracted from the very capable economist's publication, Memoirs of an Unregulated Economist on page 95 is undeniably perceptive. The text is particularly clear in the description of the Chicago School as a method of study and a policy position with emphasis on rigorous microeconomic analysis. An interesting explanation of what economists refer to as the compensating differential.
A five star book written by a five star economist and a good entry for the 50th post on this blog.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment