Theories of Economic Regulation

  title={Theories of Economic Regulation},
  author={R. Posner},
  • R. Posner
  • Published 1974
  • Economics
  • A major challenge to social theory is to explain the pattern of government intervention in the market - what we may call "economic regulation." Properly defined, the term refers to taxes and subsidies of all sorts as well as to explicit legislative and administrative controls over rates, entry, and other facets of economic activity. Two main theories of economic regulation have been proposed. One is the "public interest" theory, bequeathed by a previous generation of economists to the present… CONTINUE READING
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