By David B. Smith (auth.), Kenneth Nowotny, David B. Smith, Harry M. Trebing (eds.)
ISBN-10: 9400925085
ISBN-13: 9789400925083
ISBN-10: 9401076324
ISBN-13: 9789401076326
David B. Smith it is a publication concerning the software of financial idea to a special type of social keep an eye on - public software legislation. A valuable subject matter of this paintings is to check the position that economics has performed in shaping the explanation and course of regulatory practices. whereas monetary concept has performed a major function within the shaping of regulatory coverage some time past, it has an excellent higher strength position to play sooner or later because the regulatory neighborhood grapples with the numerous demanding situations of a altering monetary atmosphere. this can be a very well timed and lots more and plenty wanted piece of labor which could function a reference for choice makers who're dealing with the challeng ing difficulties of deregulation and pageant. This paintings is created from thirteen chosen articles that consultant the reader from an preliminary dialogue of why we determined to control sure industries within the first position to a particular research of what function monetary conception has performed within the electrical, ordinary gasoline, telecommunications, and water indus attempts, and even if it may be allowed to play an excellent extra dominant function sooner or later. The reader is then supplied with a extra smooth model of what economists suggest by means of the concept that of typical monopoly and a menu of coverage concepts that might permit society to derive any merits from this kind of marketplace structure.
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Additional resources for Public Utility Regulation: The Economic and Social Control of Industry
Example text
This much is beyond dispute: A regulator is supposed to be a substitute for the social control of the market. A regulator is supposed to protect the public interest because the market cannot. But hotly disputed is the issue of capture: To what extent are public regulators captured by the companies they regulate, allowing the companies to use the regulators for their own private interest at the expense of the public interest? Is a regulator a sham? Nowotny spends far too little time in his overview on this question.
Why regulate public utilities? Indeed, why not nationalize them, as suggested by that old Chicago Schooler Henry C. Simons? And then, why not run them along the lines of the Tennessee Valley Authority (TVA)? What lessons, if any, are there to be learned from the experience of the TVA? What possibilities exist for small-scale, community-owned public utility companies? Is small-scale community-generated electrical power a viable option? How about consumers serving on the board of directors of public utility companies?
References 1. Tugwell, Rexford G. The Economic Basis of Public Interest. New York: Augustus M. Kelley, 1968. 2. Solo, Robert A. The Political Authority and the Market System. Cincinnati: SouthWestern Publishing, 1974. 3. Reynolds, Larry. " J. Econ. Issues. 15 (September 1981):641-656. 4. Council of Economic Advisers. Economic Report to the President. : Government Printing Office, 1982. 5. , and Martin To\chin. Dismantling America: The Rush to Deregulate. Boston: Houghton Mifflin, 1983. 6. , and Lester B.
Public Utility Regulation: The Economic and Social Control of Industry by David B. Smith (auth.), Kenneth Nowotny, David B. Smith, Harry M. Trebing (eds.)
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