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A Graphical Approach to the Stiglerian Theory of Regulation

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  • T. Randolph Beard
  • David L. Kaserman
  • John W. Mayo

Abstract

Although many authors have drawn on the basic insights of the early founders of the economic theory of regulation, the ability to cogently present the general form of the theory in a readily accessible graphical format has only recently emerged. Although providing a promising approach for illustrating and analyzing regulatory and deregulatory outcomes, the analysis presented to this point appears to require the derivation of several graphs. The result is that, although stemming from a single paradigmatic framework, the graphical approach fails to offer a single unified basis for illustrating the general economic theory of regulation. The authors seek to fill this lacuna by providing a simple yet powerful unifying graphical construct for presenting the myriad implications of that theory.

Suggested Citation

  • T. Randolph Beard & David L. Kaserman & John W. Mayo, 2007. "A Graphical Approach to the Stiglerian Theory of Regulation," The Journal of Economic Education, Taylor & Francis Journals, vol. 38(4), pages 447-451, September.
    • Handle: RePEc:taf:jeduce:v:38:y:2007:i:4:p:447-451
    DOI: 10.3200/JECE.38.4.447-451
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