Regulation and Economic Analysis: A Critique Over Two Centuries
argues that long experience with the practice of regulation creates
a broad anti-intervention consensus among economists. This
consensus is based on comparison of real intervention to real
markets rather than an ideological preconception. It is shown that
economic theory can support all possible positions on intervention.
Much theory is too abstract to support any policy position; many
arguments about how intervention might help contain qualifications
expressing doubts about whether the potential can be realized; many
theories illustrate the drawbacks of intervention. The vast
literature on these issues concentrates either on specific cases or
polemics that exaggerate both sides of the argument. Regulation and
Economic Analysis seeks to show the depth of the discontent,
develop interpretations of economic theory that follow from
skepticism about statism and provide selected illustrations. The
discussion begins with examination of general equilibrium theory
and proceeds to discuss market failure with stress on monopoly and
particularly what is deemed excessive concern with predatory
behavior. International trade issues, transaction costs, property
rights, economic theories of government, the role of special
institutions such as contracts, the defects of macroeconomic and
equity arguments for regulating individual markets, environmental
economics and the defects of public land management policies are
examined.
General
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