This is a CBSI on the world. I'm John Bachelor. I welcome Professor Richard Epstein, a senior fellow of the Hoover Institution. He teaches law at NYU in the University of Chicago to introduce me and to my understanding.

Everything about George Stigler who wrote an essay, the title of which tells the story,

Theory of Economic Regulation.

It was published in 1971,

and we've passed the 50th anniversary of this essay. Richard introduces me to the fact that

through these five decades I've been unaware of its controversy. Richard a very

good evening to you, thank you very much for this. I'm plunging into 50 years that I've missed

thanks to you. If I understand Professor Stiegler's presentation about the

theory of economic regulation, the regulatory body, the administrative

state. He says that regulation has must be driven by the public good except in instances where there's a trade-off.

For example, affixing gasoline prices because of national security, that sort of thing.

The second thing he says is that regulation can be

explained as political and by that he means it lacks rationality so that

therefore it is the product of an interest group that is not thinking of the general good.

That is a generalization about Professor Stiegler, but you acquaint us in your essay for defining

ideas that there have been a range of criticisms of George Stiglare all these decades.

Good evening to you, Richard.

Yeah, it's good.

I mean, look, George was a good friend of mine for about the 19 years that we overlapped at the University of Chicago,

and everybody who knows him remembers not only his rather people in contributions,

but his incredibly powerful wit with respect to short-term conversation.

He could put people down with a single word and I think it's probably worth reminding that George

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