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The theory of economic regulation is an economic theory developed by George Stigler. The economic approach to law has been applied in great detail to economic regulation and deregulation, to the point where knowing some economics is indispensable for anyone trying to do serious policy research in the area. Regulation - economic and other regulation; Governments may also reserve the right to regulate certain activities for economic, social or other purposes. Transportation economics - Transportation economics - Transportation regulation and deregulation: For many years, the economic practices of much of the transportation system in the United States were regulated. The theory of economic regulation George J. Stigler The University of Chicago The potential uses of public resources and powers to imrtprove the economic status of economic groups (such as industries anid occupa-tions) are analyzed to provide a scheme qf the demand for regulation. These Other forms include public expenditures, taxes, government ownership, loans and loan guarantees, tax expenditures, equity interests in private companies and moral suasion. Today, interstate pipeline and some interstate railroad traffic is regulated, as is intrastate motor carriage in most states. For example, in the case of natural monopoly, where there is no competitive market to curtail the market power of the monopolist, economic regulation can help ensure that the prices paid by consumers are reasonable and reflect the efficient costs of providing on-going and reliable services. It is intended to explain the "supply," "demand," and practical use of government regulatory power over the economy. Government regulation of the U.S. economy has expanded enormously over the past century, prompting business complaints that interventions impede growth and efficiency. By "economic regulation" we refer to both direct legislation and administrative regulation of prices and entry into specific industries or markets. The government may wish to regulate monopolies to protect the interests of consumers. A good example of this is the attempt to introduce more competition for British Telecom. Principles for Economic Regulation Contents ... For example, ensuring a system that is adaptable and fully coherent with policy Government may present a challenge to maintaining its stability and predictability. Problems that regulators of markets / industries can face This is known as market liberalization. The government can regulate monopolies through: Price capping - limiting price increases Regulation of mergers Breaking up monopolies Investigations into cartels and… Regulation may be used to introduce fresh competition into a market – for example breaking up the existing monopoly power of a service provider. railroads, airlines). A successful regulatory framework requires an appropriate balance to be struck In particular, Stigler examines the various ways in which disparate interest groups are able to influence and use government power to advance their economic needs. economic regulation. Economic regulation, a form of government intervention designed to influence the behaviour of firms and individuals in the private sector. In the transportation sector, for example, many industries have market structures that inherently limit entry and can lead to concentration or monopoly (e.g. It has been much less applied to social regulation, although by 1992 it seems clear that in comparison with other For example, monopolies have the market power to set prices higher than in competitive markets. Economic Regulation. Economic regulation sets prices or conditions for firms to enter a specific industry. 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