Regulatory Disequilibrium and Inefficiency: The Case of Interstate Trucking*
نویسنده
چکیده
Economic regulation is characterized as (1) an effort by special interests to influence the allocation of property rights, in (2) a continuous path-dependent spontaneous evolution (as apposed to a static equilibrium), driven by (3) market, political, and bureaucratic entrepreneurship in an ongoing discovery process. The implications of the model are illustrated by an examination of the evolution of regulation in interstate trucking. The model is also used to explain that the Chicago School’s political-regulatory efficiency conclusions are incorrect, and that the inefficiencies arising from rent seeking are even greater than the Public Choice approach implies.
منابع مشابه
Why Aren’t All Truck Drivers Owner-Operators? Asset Ownership and the Employment Relation in Interstate For-Hire Trucking
Transaction cost and agency theorists have frequently cited trucks as prototypical userowned assets, and have consequently predicted a predominance of self-employed drivers who contract with motor carriers. In fact, owner-operators accounted for less than one-third of trucking activity conducted by large interstate trucking firms in 1991, a proportion that has changed little since deregulation....
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