|
Regulation, Deregulation, Reregulation
Institutional Perspectives
Edited by Claude Ménard, Professor of Economics, University of Paris (Panthéon-Sorbonne), France and Michel Ghertman, University of Nice-Sophia Antipolis and GREDEG, France June 2009.
In this book, leading scholars explore avenues in the field of regulation opened and developed by Oliver Williamson.
Building
on his original analysis, the contributors introduce new ideas,
different perspectives and provide tools for better understanding
changes in the approach to regulation, the reform of public utilities,
and the complex problems of governance. They draw largely upon a
transaction cost approach, highlighting the challenges faced by major
economic sectors and identifying critical flaws in prevailing views on
regulation. Deeply rooted in sector analysis, the book conveys a
central message of new institutional economics: that theory should be
continuously confronted by facts, and reformed or revolutionized
accordingly.
With its emphasis on the institutional
embeddedness of regulatory issues and the problems generated by the
‘benign neglect’ of institutional factors in the reform of major public
utilities, this book will provide a wide-ranging audience with
challenging views on the dynamics of regulatory approaches. Economists,
political scientists, postgraduate students, researchers and
policy-makers with an interest in institutional economics and economic
organization will find the book to be a stimulating and enlightening
read.
Comment : ‘After 25 years of industry restructuring, regulatory reform and deregulation across many industrial sectors in many countries, it is an appropriate time to take stock of the impacts of these reforms on consumers, producers and overall economic performance. This book contains the latest thinking on these issues by a distinguished international group of scholars. It’s a collection of essays for our time that is well worth reading.’–
Paul L. Joskow, Massachusetts Institute of Technology (MIT), US
‘The most exciting development in the study of regulation in the past
quarter century is research on the incentives that are created by the
details of the procedures for creating and enforcing regulatory rules.
This book brings together a rich collection of studies that
collectively advance our understanding of the effect of regulatory
governance on the performance of regulated firms, with important
lessons about how to design more effective regulatory instruments and
processes.’
– Roger G. Noll, Stanford University, US
‘Cycles of poorly-designed or weakly-enforced regulation, disappointing
performance and political over-reaction are now familiar to students of
regulated industries. Nourished by recent developments in the economics
of incentives, including their transaction costs and property rights
dimensions, and written by renowned experts in the field, Regulation,
Deregulation, Reregulation is a must-read for all those interested in
the economics and politics of regulation. A timely book, the
publication of which coincides with the designing of a post-subprime
regulatory framework for the financial industry.’
– Jean Tirole, Toulouse School of Economics, France |