Bonus Quotation of the Day…

by Don Boudreaux on January 11, 2017

in Crony Capitalism, Reality Is Not Optional, Regulation

… is from page 4 of Simeon Djankov’s, Rafael La Porta’s, Florencio Lopez-de-Silanes’s, and Andrei Shleifer’s February 2002 article in the Quarterly Journal of Economics, titled “The Regulation of Entry” (link added):

buchananIn a cross section of countries, we do not find that stricter regulation of entry is associated with higher quality products, better pollution records or health outcomes, or keener competition.  But stricter regulation of entry is associated with sharply higher levels of corruption, and a greater relative size of the unoffcial economy.  This evidence favors public choice over the public interest theories of regulation.


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