Industry Regulation and the Performance of the American Economy

摘要: Beginning with the Act to Regulate Commerce of 1887, Professor MacAvoy traces rise regulation over one hundred years its sharp curtailment in 1980s. Originally invoked as a means controlling prices set by monopolies, this policy tool found extended use last quarter-century do everything from keeping down energy protecting health and safety workers quality environment. In most cases has been founded on best intentions, but deregulation airline, trucking, railroad industries 1980s made clear there are other ways achieving social objectives. It is thus useful ask whether remaining having intended effects, well more effective those same objectives, including strict reliance open competitive markets. With comprehensive study economy-wide effect regulation, Paul considers just issue. His analysis begins price assessing impact terms lost growth output due rigid declining service. He then does for health, safety, environmental protection time measuring higher costs regulatory standards against safer working conditions better air quality. finds that expensive, particularly when you consider achieve both greater consumer welfare larger economy. concluding chapter, looks at reform plenty room further reductions regulation.