Crony Capitalism for Intellectuals

Autor/in	Zingales, Luigi
Titel	Crony Capitalism for Intellectuals
Quelle	In: Chronicle of Higher Education, (2012) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0009-5982
Schlagwörter	Stellungnahme; Economics; Professional Occupations; Professional Identity; Bias; Prediction; Financial Exigency; Financial Problems; Adoption (Ideas); Positive Attitudes; Inquiry; Information Needs; Incentives; Expertise; Group Unity; Economic Impact; Employment Potential; Conflict of Interest; Social Exchange Theory; Power Structure; Social Status + Suchen Sie Ihr Suchwort? Volkswirtschaftslehre; Berufsklassifikation; Vorhersage; Finanzielle Härte; Ideas; Ideenfindung; Information need; Informationsbedürfnis; Anreiz; Expert appraisal; Gruppenidentität; Ökonomische Determinanten; Arbeitsmarktbezogene Qualifikation; Beschäftigungsfähigkeit; Interessenkonflikt; Theorie des sozialen Wandels; Sozialer Status
Abstract	Economists may be biased in ways that are not apparent to many. A widely espoused theory in economics is that regulators' decisions often become biased in favor of the industries they regulate; to use economic jargon, they become "captured." Economic incentives encourage even the best-intentioned regulators to cater to the interests of the businesses they regulate. To begin with, regulators depend upon the regulated for much of the information they need to do their jobs properly. Also, regulators' jobs are industry-specific, and their best future prospects are likely to be with the regulated. Finally, the regulated are their only real audience, since taxpayers seldom care about regulatory findings. In this article, the author argues that unexamined biases may keep economists from warning the public about financial risks. (ERIC).
Anmerkungen	Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; Tel: 202-466-1000; Fax: 202-452-1033; e-mail: circulation@chronicle.com; Web site: http://chronicle.com
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10