The Economic Theory of Regulation legal rules: Welcome to demanded and supplied as DELAWARE commodities demanders: SMALL WONDER individuals:insufficient THE FIRST STATE incentives Home of Tax-Free Shopping interest-groups:strong Buckle Up,It's The Law! incentives suppliers: legislatures (judiciaries) 0 the contours of a given law: a competitive equilibrium Page 3Page 3 • legal rules: demanded and supplied as commodities • demanders: individuals: insufficient incentives interest-groups: strong incentives • suppliers: legislatures (judiciaries) • the contours of a given law: a competitive equilibrium