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The Need for Humility in Policymaking - Lessons from Regulatory Policy (Paperback)
Loot Price: R1,227
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The Need for Humility in Policymaking - Lessons from Regulatory Policy (Paperback)
Series: Economy, Polity, and Society
Expected to ship within 12 - 17 working days
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Regulations impact a wide array of market and social activities
that influence our daily lives. Regulations are attempts to correct
perceived market failures, caused by information asymmetries,
externalities, and principal-agent problems, and to provide public
goods, which would otherwise be underprovided. Government actors
are responsible for identifying these issues, weighing the costs
and benefits of intervention, and designing and implementating
regulations to improve society. Good regulations help mitigate
issues in the economy without inciting new problems and without the
costs exceeding the benefits of intervention. This requires
intensive analysis and an awareness of the complexities of social
life. Our society is complex and dynamic where people face
knowledge and incentive problems, whether in the market, politics,
or civil society. By examining this complex reality, we can better
understand why regulations arise and persist and the challenges of
reform. We argue that this approach to policymaking and policy
analysis requires humility; an acknowledgment of the challenges we
face when intervening in our society. This volume intends to
cultivate an appreciation for the complexity of human decision
making and the incentives that drive human behavior. By examining
specific policy changes, it will delve into the effects of and
lessons learned from regulations in financial markets, computer and
internet governance, and health care innovation and delivery. This
volume will be of interest to students, scholars, and policymakers
who seek to understand the complexities of regulation in a dynamic
social world.
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