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Yes, the term you're looking for is "regulatory capture." Regulatory capture is a phenomenon where incumbent firms or industries manipulate regulations and regu
by simonjgreen 4y ago
Yes, the term you're looking for is "regulatory capture." Regulatory capture is a phenomenon where incumbent firms or industries manipulate regulations and regulatory bodies to create barriers to entry for new competitors, thereby maintaining or increasing their market power. This concept was first introduced by the economist George Stigler in his 1971 paper, "The Theory of Economic Regulation."
Regulatory capture can take various forms, such as influencing the creation of new regulations that favor incumbents, lobbying for selective enforcement of existing regulations, or even having industry insiders appointed to key regulatory positions. It's a well-studied topic in economics, political science, and public policy, and is seen as a form of government failure that leads to market inefficiencies and reduced competition.
- gfosco 4y agoThis is already being attempted with AI, under the guise of "safety".
- judge2020 4y agoI thought you were talking about the comment, which either sounds like it was AI generated or pulled directly from a dictionary.
- cratermoon 4y agoKnown as barriers to entry: "Barriers to entry is an economics and business term describing factors that can prevent or impede newcomers into a market or industry sector, and so limit competition. These can include high start-up costs, regulatory hurdles, or other obstacles that prevent new competitors from easily entering a business sector." https://www.investopedia.com/terms/b/barrierstoentry.asp https://www.investopedia.com/terms/b/barrierstoentry.asp