Presented by Willard Hurst as part of his course "Introduction to Modern American Legal History" at the University of Wisconsin Law School in 1978. Hurst begins with a discussion of the balance of power and the concentration of power from early American thought to the present. Again, Hurst views Stone's essay as a critique of the adequacy of market processes. As a result, legal agencies need the resources to act when the market fails to do so. Hurst discusses the legislature and executive agencies' role in acting as a check against the market, highlighting agencies' need for expertise and specialization as technical capacity grows. Hurst continues his discussion concerning the necessity for legal specialization in a highly technical market. Regulators and legal interventionists had to begin regulation with no knowledge of the field and built-up a highly technical regulatory knowledge. This increased specialization narrowed the job market for employees involved in the administrative agencies. Therefore, conflicts of interest developed as regulators and those regulated fought over the narrow number of qualified employees. Concurrently, society turned back to litigation to solve balance of power problems after their initial enchantment with administrative agencies.
