Gamekeeper turns poacher or, at least, helps poacher. The theory of regulatory capture was set out by Richard Posner, an economist and lawyer at the University of Chicago, who argued that “regulation is not about the public interest at all, but is a process, by which interest groups seek to promote their private interest. . . Over time, regulatory agencies come to be dominated by the industries regulated. ” Most economists are less extreme, arguing that regulation often does good but is always at risk of being captured by the regulated firms.