The Economic Effects of Regulation: The Trunk-line Railroad Cartels and the Interstate Commerce Commission Before 1900

Science & Math

MacAvoy, Paul W.

Technology

Mit Pr

Economic Strategy for Developing Nuclear Breeder Reactor

Engineering & Transportation

Engineering

Over the past six decades federal regulatory agencies have attempted different strategies to regulate the natural gas industry in the United States. All have been unsuccessful, resulting in nationwide gas shortages or massive gas surpluses and costing the nation scores of billions of dollars. In addition, partial deregulation has led the regulatory agency to become more involved in controlling individual transactions among gas producers, distributors, and consumers. In this important book, Paul MacAvoy demonstrates that no affected group has gained from these experiments in public control and that all participants would gain from complete deregulation. Although losses have declined with partial deregulation in recent years, current regulatory practices still limit the growth of supply through the transmission system. MacAvoy’s history of the regulation of natural gas is a cautionary tale for other natural resource or network industries that are regulated or are about to be regulated.

The Natural Gas Market: Sixty Years of Regulation and Deregulation

Business & Money

International

Yale University Press

Three decades ago, federal policymakers―Republicans and Democrats―embarked on a general strategy of deregulation. In the electricity, gas delivery, and telecommunications industries, the strategy called for restructuring to separate production from transmission and distribution, followed by elimination of price controls. The expected results were lower prices and increased quality, reliability, and scope of services. Paul W. MacAvoy, an economist with forty years of experience in the regulatory field, here assesses the results and concludes that deregulation has failed to achieve any of these goals in any of these industries. MacAvoy shows that we now have only partial deregulation, a mixture of oligopoly structure with direct price control. He explores why this system leads to volatile and high prices, reduced investment, and low profitability, and what policy actions can be implemented to address these problems.

The Unsustainable Costs of Partial Deregulation

Economics

An authority on regulation who has served on the Council of Economic Advisers calls attention to the explosive growth in regulation since the late 1960s and its effects and examines movements for reform and deregulation

The Regulated Industries

W.W. Norton & Co., Inc.

Analyzes United States energy policy and regulations, assesses their impact on the economy, and recommends reforms and revisions

Energy Policy: An Economic Analysis

An assessment of regulation and its impact on the economy begins with the Act to Regulate Commerce of 1887 and traces the rise of regulation over one hundred years, closely examining its sharp curtailment in the 1980s.

Industry Regulation and the Performance of the American Economy

An authority on regulation who has served on the Council of Economic Advisers calls attention to the explosive growth in regulation since the late 1960s and its effects and examines movements for reform and deregulation

The Regulated Industries and the Economy

W.W.Norton&Company

The 1970s saw unprecedented price and supply shocks in the US energy markets―due in part to the 1974 OPEC oil embargo and supply stringency in US crude oil and natural gas. These shocks produced and immediate and strong regulatory reaction by US policy makers. More new regulations were instituted for energy markets in the 1970s than for any other product in the economy. How effective was this upsurge in energy policy? MacAvoy, a former member of the Council of Economic Advisers, examines these regulations and policies: their goals, their implementation, their success, and their costs to the economy.

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 economy-wide 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.

See the best price to sell, buy, or rent books by MacAvoy, Paul W.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by MacAvoy, Paul W.

See the best price to sell, buy, or rent books by MacAvoy, Paul W.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

The Economic Effects of Regulation: The Trunk-line Railroad Cartels and the Interstate Commerce Commission Before 1900

Economic Strategy for Developing Nuclear Breeder Reactor

The Natural Gas Market: Sixty Years of Regulation and Deregulation

The Unsustainable Costs of Partial Deregulation

The Regulated Industries

Energy Policy: An Economic Analysis

Industry Regulation and the Performance of the American Economy

The Regulated Industries and the Economy

Energy Policy: An Economic Analysis

Industry Regulation and the Performance of the American Economy