1. Regulation will tend to be more heavily weighted toward "producer
protection" in depressions and toward "consumer protection" in expansions.
Thus, for example, it is not useful to view events like the Robinson-Patman
Act and the National Recovery Act (NRA) as "inconsistent" with the intent
of antitrust legislation; this intent is endogenous. Similar arguments apply to
the structure of taxes (the corporate-personal tax mix should offset changes
in the share of GNP earned by capital), tariffs (more free trade when demand
grows or costs fall), and so on.