George Stigler’s Role in the Economic Analysis of Regulation

George Stigler changed the way economists analyze government regulation. This enormous legacy is essentially embodied in two articles: his 1962 analysis of electricity rates with Claire Friedland and his 1971 theoretical piece. There were, to be sure, precursors and successors in his own work. But none of them so profoundly affected the course of intellectual inquiry as these two. The significance of the articles is discussed chronologically.