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Industry Regulation and the Performance of the American Economy - Paul W. MacAvoy

Industry Regulation and the Performance of the American Economy

Hardcover Published: 17th March 1992
ISBN: 9780393961867
Number Of Pages: 160

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Regulation reached its zenith in the 1960s. The 1980s was the decade of deregulation. The 1990s afford us an important opportunity to assess what is left of regulation and its impact on the economy. And who better to do this than Paul W. MacAvoy, one of America's most respected experts on the economics of industry?
Beginning with the Act to Regulate Commerce of 1887, Professor MacAvoy traces the rise of regulation over one hundred years to its sharp curtailment in the 1980s. Originally invoked as a means of controlling the prices set by monopolies, this policy tool found extended use in the last quarter-century to do everything from keeping down energy prices to protecting the health and safety of workers and the quality of the environment.
In most cases regulation has been founded on the best of intentions, but as the deregulation of the airline, trucking, and railroad industries in the 1980s made clear there are other ways of achieving social objectives. It is thus useful to ask whether the remaining regulation is having its intended effects, as well as whether there are more effective ways of achieving those same objectives, including strict reliance on open and competitive markets.
With this comprehensive study of the economywide effect of regulation, Paul MacAvoy considers just this issue. His analysis begins with price regulation, assessing its impact in terms of lost growth in output due to rigid prices and declining quality of service. He then does the same for health, safety, and environmental protection regulation, this time measuring the higher costs from regulatory standards against safer working conditions and better air quality. He finds that regulation is expensive, particularly when you consider that there are other ways to achieve both greater consumer welfare and a larger economy. In a concluding chapter, Professor MacAvoy looks at regulatory reform and finds plenty of room for further reductions in regulation.

Introductionp. 1
The Nature and Extent of Regulationp. 8
Justifications for Regulationp. 11
The Extent of Regulationp. 17
The Regulatory Processp. 21
The Effects on the Economyp. 23
Price Controls and Industry Performancep. 26
The Regulatory Process in Detailp. 27
Price Regulation in the 1960s and Early 1970sp. 31
The Exceptional Case of Regulation of Natural-Gas Wellhead Pricesp. 47
Price Regulation during the 1970sp. 50
Conditions after Deregulation in the 1980sp. 63
Health and Safety Regulationp. 75
The Processes of Health and Safety Regulationp. 76
The Costs of New Regulationsp. 82
The Benefits from Environmental and Safety Regulationp. 90
Regulatory Reformp. 106
Reform of Price Regulationp. 108
Deregulation in Two Industriesp. 111
Reform of Health and Safety Regulationp. 117
More Radical Regulatory Reformp. 125
Appendix A: Annual Case Decisions of the Federal and State Regulatory Agenciesp. 129
Appendix B: Rate Structure in the Regulated Industries, 1960-1987p. 131
Appendix C: Service Quality in the Regulated Industries, 1960-1987p. 133
Bibliographyp. 135
Indexp. 141
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780393961867
ISBN-10: 0393961869
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 160
Published: 17th March 1992
Publisher: WW Norton & Co
Country of Publication: US
Dimensions (cm): 21.1 x 14.0  x 1.3
Weight (kg): 0.2
Edition Number: 1

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