Do you think that the regulation described in Problem 27-6 is more likely an example of the capture hypothesis or the share-the-gains, share the pains theory? Why?
Problem 27-6
Research into genetically modified crops has led to significant productivity gains for countries such as the United States that employ these techniques. Countries such as the European Union's member nations, however, have imposed controls on the import of these products, citing concern for public health. Is the European Union's regulation of genetically modified crops social regulation or economic regulation?