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Abstract
Two views on U.S. dairy policy are, first, that it is an instance of the "capture" theory of economic regulation -- that • ••• it serves the interests of dairy producers at the expense of - ) ••• consumers and taxpayers by raising dairy product prices -- and second 2 that. dairy policy to correct - market failure is an instance of governmental action that dairy policy serves the joint interests of producers, consumers, and taxpayers. This paper discUsses several analytical issues which have been important in the debate between these views.