Regulation and Economic Analysis
A Critique over Two Centuries
Published on 30. April 1994
Book
Hardback
XV, 273 pages
978-0-7923-2790-5 (ISBN)
Description
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.
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.
More details
Series
Edition
1994
Language
English
Place of publication
New York
United States
Target group
College/higher education
Professional and scholarly
Research
Illustrations
XV, 273 p.
Dimensions
Height: 241 mm
Width: 160 mm
Thickness: 21 mm
Weight
609 gr
ISBN-13
978-0-7923-2790-5 (9780792327905)
DOI
10.1007/978-1-4615-2620-9
Schweitzer Classification
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Content
Introduction: Governments and the Marketplace in Economic Analysis.- An Overview of the Discussion.- Choices in a Market Economy: A Prologue.- The Nature of Market Prices Further Considered.- Further Reflections on the Benefits of Interdependence.- An Introduction to Market Failures.- Market Failure.- The Public-Good Problem and its Limitations.- An Introduction to the Treatment of Monopoly in Economics.- Imperfect Capital Markets.- Exhaustion of Mineral Resources.- Summary.- Further Problems of Analyzing and Treating Monopoly.- Economic Views of Monopoly: A Sketch of an Alternative History.- An Introduction to Monopoly: Structural Analyses.- The Conduct of Monopoly: The Great Predation Debate and Other Examples.- Antimonopoly Policy.- Conclusions.- International Trade Policy Issues.- Protectionism and Cures of Market Failures.- The Optimum Tariff in Theory and Practice.- An Oil Import Tax: The Optimum Tariff Misapplied.- Private Monopoly at Home and Abroad.- Dumping and the Beneficiaries.- Creating New Industries.- Summary and Conclusions.- Transaction Costs, Property Rights, and the Limits of Government.- An Overview of Transaction Costs.- Property Rights and Effective Government.- The Coase Analysis of Transaction Costs.- Extensions of Transaction Cost Analysis: Stigler, Williamson, and Others.- The Problem of Central Planning.- The Drawbacks of Government--Economic Theories of Political Behavior.- Summary and Conclusions.- Optimum Economic Organization: The Efficiency of Firms and Its Implications for Public Policy.- Preview: Defining Products and Markets.- The Interactions between Firms and Markets: An Overview.- Alternative Marketing Arrangements Further Considered.- The Economics of Contracting.- Types of Contracts.- The Lessons of Energy and Mineral ProcurementExperiences: A. Contracting.- The Lessons of Energy and Mineral Procurement Experiences B. Vertical Integration in Coal.- The Lessons of Energy and Mineral Procurement Experiences: C. U.S. Electric Utility Horizontal and Vertical Structure:.- Application to Natural Monopoly.- Political Supply Insecurity.- Public Stockpiles and the Problem of Supply Insecurity.- Conclusions.- Market Regulation and Macroeconomics Problems.- An Overview of Macroeconomics.- Critical Issues in Macroeconomics.- The Case of An Oil Import Fee.- Conclusions.- Notes on Fairness and the Market Economy.- Intervention in Perspective: The Problem of Income Distribution.- Market Regulation and Equity.- Conclusions.- Problems of Environmental Impacts and Regulating Business Practices.- Prelude on the Optimality Conditions with Externalities.- The Coase Analysis of Social Costs.- The Choice Among Pollution Taxes, Tradable Emissions, and Direct Regulation.- The Problem of Internalities.- An Overview of Environmental Goals and Their Implementation.- An Overview of Environmental Problems.- Recreation, Land Preservation and Federal Management Revisited: The Issues and the Appraisal.- Conclusions.- Land Policy as a Case Study in Excess Intervention.- Principles of Mineral Law.- An Overview of Public Land Policy.- The Problem of Mobile Resources: Property Right Definition in Oil and Gas.- The Theory and Practice of Rent Transfer.- The Case of Coal Leasing: An Overview.- The Coal Leasing Amendments.- Conclusions.- The Critiques of Intervention Reconsidered.- A Note on the Meaning of Liberalism.- "Austrian" Economics Reconsidered.- Counterattacks: The Case of Paul Samuelson.- A Digression on Libertarianism: the Elimination of the State.- A Note on the Illusions of Indicative Planning and CoordinatedPolicy.- Conclusions.- Conclusions.- Economic Intervention and Classic Liberalism: The Case for the Market.- Appendix: Methodological Debates in Philosophy and Economics--Substance Behind the Form?.- Philosophers Economists Read.- Friedman's Positive Econimics and Its Assessors.- McCloskey's Rhetoric.- Samuelson versus Machlup.- Conclusions.- Annotated Bibliography.