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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: flatsville who wrote (102224)5/15/2001 10:09:42 AM
From: Art Bechhoefer  Read Replies (2) of 436258
 
flatsville--The key to any regulated system is INTELLIGENT regulation. And I also agree with Nobel laureate George Stigler, who argued that it is difficult or even impossible to have a regulated system that doesn't favor the companies under regulation, rather than the consumer. This is an important point that must be weighed by anyone considering regulation vs. deregulation.

Stigler (a Univ. of Chicago economist) saw that under normal circumstances a regulatory commission would be useless because its members would likely favor the businesses most responsible for influencing their appointment. Thus, pricing of services, for example, would be set to give an advantage to the firm under regulation.

This is one reason why Alfred Kahn, a Cornell professor who became well known for deregulating the airlines under President Carter, advocated deregulation, but with one proviso--it must be done in the public interest, as must regulation itself. To regulate or deregulate in the public interest can be done ONLY if those who are charged with the work represent the public and NOT particular business interests. Thus, the choice of who staffs an agency dealing with these problems becomes very important.

Just look at the appointees to regulatory agencies, such as the EPA and the Dept. of Energy, and you will see why, regardless of whether you favor regulation or deregulation, the Administration is doing exactly the opposite of what it should be doing to ensure it acts in the best interests of the nation as a whole.

Art
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