The Political Economy of Regulation
نویسندگان
چکیده
This book contains a collection of selected readings on the subject of independent regulation. The articles in the book have appeared in reputed journals including the Journal of Law and Economics, Bell Journal of Economics, Review of Economic Studies, Journal of Political Economy, Quarterly Journal of Economics, American Economic Review, Virginia Law Review, Journal of Law, Economics and Organization, RAND Journal of Economics, Economic Journal, and Western Economic Journal. The earliest article appeared in 1960 and the latest in 2005. The earliest article is by the economist R H Coase on ‘The Problem of Social Cost’. There are two other articles from 1967 and 1968, eight from 1974–1978, seven from 1982–1989, three from 1993–1996, and two were published in 2000 and 2005. The book is divided into four parts. It starts with five articles on ‘Targets for Regulation’ that consider issues like the need to regulate utilities, franchise bidding for natural monopolies, the problem of social cost, prices versus quantities, and minimum quality standards. The second part, over 221 pages with ten articles, is on ‘Causes and Consequences of Regulation’. It looks at welfare costs of tariffs, monopolies, and theft; a general theory of regulation; a theory of competition among pressure groups for political influence; capture and ideology in the economic theory of politics; the demand for state regulation of the electric utility industry; polluters’ profits and political response: direct controls Book review
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