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Economic Theory of Regulation - Essay Example
George Joseph Stigler is one of the many young economists of the early 1900's who gave birth to the recognition that human economy relies on the understanding and balance that several elements in the community standing as links between all systems that form the existence of worldwide economy exists to establish a stronger sense in the human understanding of monetary and services or products exchange…
The most known work of Stigler that affects many individuals and groups at present is that of the economic theory of regulation. This theoretical understanding of the major thoughts that has been created to help the society see through the situations mandated as part of the development of the human community creates a knowledgeable knowing on the part of the people's realization as to how they are playing an important role in the society.
The economic theory of regulation basically shows how much people are affected by economy. The systems of the society and the rules that are established around the people living in it has long been derived from the many considerable thoughts of the ongoing relationship between social elements as per established through economic connections and demands. The relationship between every person and the groups that creates the entire society is shaped by needs and demands that each needs from the other. Through these demands, the creation of products and services are given way as per mandated through the different provisions allowed by the established legal regulations to exist. ...