Macroeconomics 14th Edition by William Baumol,Alan Blinder,John Solow

Exercise 12

*What's wrong with this way of thinking? "Public policy is necessary to protect the average citizen from the power of vested interest groups. In the absence of government intervention, regulated industries such as airlines, railroads, and trucking will charge excessive prices; products will be unsafe; and the rich will oppress the poor. Government curbs the power of specialinterest groups."