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Endogenous change and the economic theory of regulation

✍ Scribed by Jerome Ellig

Publisher
Springer US
Year
1991
Tongue
English
Weight
675 KB
Volume
3
Category
Article
ISSN
0922-680X

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✦ Synopsis

This paper extends the economic theory of regulation to include endogenous regulatory change. It outlines conditions under which endogenously rising deadweight costs of regulation can alter the policy equilibrium, even if those rising costs are fully anticipated. Within this framework, alternative wealth redistribution mechanisms can alter the equilibrium path if they bias interest groups' organization costs asymmetrically. The history of natural gas regulation is broadly consistent with this theory.

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