What mistake are they making

Reference no: EM133449164

Questions:

On page 8 Stigler writes: "Sometimes the participation of railroads in the regulatory process was incontrovertible: Texas and Louisiana placed a 7000-pound payload limit on trucks serving (and hence competing with) two or more railroad stations, and a 14,000-pound limit on trucks serving only one station (hence, not competing with it)." Explain what Stigler means in this passage.
On page 16 Stigler writes: "Veterinarians are the only occupation in this sample who have a well-defined set of customers, namely livestock farmers, and licensing was later in those states with large numbers of livestock relative to rural population." Explain what Stigler means in this passage.
In his conclusion, Stigler criticizes economists of his time for their criticism of the ICC. According to Stigler, what mistake are they making?

Reference no: EM133449164

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