Hey, okay, I promise I'll keep this debrief short. So I just had my date with the Bumble

guy so cute. He surprised me with tickets to see this band I love. Then he got us a spot at

the front so I could actually see. It was amazing you know like I really felt good vibes.

Oh and he sent me a let me know when you get home message. That makes him really hot.

Kindness is sexy. Find it on Bumble.

This is CBS, I on the world.

I'm John Bachelor.

I welcome Professor Richard Epstein, a senior fellow of the

Hoover Institution, he teaches law at NYU and the University of Chicago, to introduce me and

to my understanding. Everything about George Stiegler 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.

...