Introduction
Regulation remains one of the fundamental functions of a state. The social theory faces a major challenge in explaining the government intervention in any market. Economic regulations refer to any form of tax, subsidies or administrative control by the government over the economic activities in a country’s setting. The two dominant theory advanced to explains economic regulation are the public interest theory and the economic group interest theory otherwise referred to as the capture theory. While the former theory has its roots in the political scientists, the latter owes to the work of economists. The essay aims at ...