Unintended Consequences: Origins of an Enduring Idea | Chicago Booth Review
Sam Peltzman's research, culminating in the 1976 paper "Toward a More General Theory of Regulation," brought an economist's understanding to the decision-making behind regulatory policy, highlighting the trade-offs and unintended consequences inherent in regulation.
“In Washington, truth is just another special interest—and one that is not well financed,” observed Michael Mussa, the University of Chicago economist who became a member of President Ronald Reagan’s Council of Economic Advisers, and, later, chief economist at the International Monetary Fund. Mussa’s friend and colleague Sam Peltzman, now Ralph and Dorothy Keller Distinguished Service Professor Emeritus of Economics at Chicago Booth, investigated what was going on behind the wisecrack in a series of papers in the 1970s. His research, culminating in the 1976 paper “Toward a More General…
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