Can't Anyone Here Play This Game? Judging the FTC's Critics
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چکیده
In the regulatory state, agency leaders face a fundamental choice: should they “consume” or should they “invest?” “Consume” means launching high profile cases and rule-making. “Invest” means developing and nurturing the necessary infrastructure for the agency to handle whatever the future may bring. The former brings headlines, while the latter will be completely ignored. Unsurprisingly, consumption is routinely prioritized, and investment is deferred, downgraded, or overlooked entirely. This essay outlines the incentives for agency leadership to behave in this way and explores the resulting agency costs (pun intended). The U.S. Federal Trade Commission’s health care portfolio provides a useful case study of how one agency managed and minimized these costs. Our essay concludes with several proposals that should help encourage agency leadership to strike a better balance between consumption and investment. 1 Kovacic is Global Competition Professor of Law and Policy, George Washington University Law School and Non-executive Director, United Kingdom Competition and Markets Authority. From 2006 to 2011, the author served as a member of the Federal Trade Commission and chaired the agency from March 2008 to March 2009. Hyman is H. Ross and Helen Workman Chair in Law and Professor of Medicine, University of Illinois. From 2001-2004, he served as Special Counsel at the Federal Trade Commission. The views expressed here are the authors’ alone.
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تاریخ انتشار 2015