An Activity-Generating Theory of Regulation
---- Acknowledgements -----
We thank Gary Becker, Georgy Egorov, Edward Glaeser, Oliver Hart, Louis Kaplow, Richard Posner, Jesse Shapiro, Steven Shavell, and Lucy White for helpful comments. Schwartzstein acknowledges financial support from an NBER pre-doctoral fellowship in health and aging. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.