Regulators can and should be audited scientifically rather than abolished

Evidence

The appraisal of the achievements of a regulatory body is not impossible: a whole series of such appraisals is gradually developing an arsenal of techniques for measurement. I may cite … a large number of economic studies, many of which have appeared in the Journal of Law and Economics. It would at least be a minor improvement of our world if once a decade each major regulator was reviewed by a committee appointed by the appropriate scientific body, with funds and subpoena powers provided by the OMB. — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 154

Categorization

• QUESTION: This is a Stigler quote embedded in text — is it verbatim from his memo?
• XREF: connects to: Neoliberal auditing reframed regulation as improvable rather than simply bad — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 155