Suchergebnisse

Regulation and Economic Analysis: A Critique Over Two Centuries argues that long experience with the practice of regulation creates a broad anti-intervention consensus among economists. This consensus is based on comparison of real intervention to real markets rather than an ideological preconception. It is shown that economic theory can support all possible positions on intervention. Much theory is too abstract to support any policy position; many arguments about how intervention might help contain qualifications expressing doubts about whether the potential can be realized; many theories illustrate the drawbacks of intervention. The vast literature on these issues concentrates either on specific cases or polemics that exaggerate both sides of the argument. Regulation and Economic Analysis seeks to show the depth of the discontent, develop interpretations of economic theory that follow from skepticism about statism and provide selected illustrations. The discussion begins with examination of general equilibrium theory and proceeds to discuss market failure with stress on monopoly and particularly what is deemed excessive concern with predatory behavior. International trade issues, transaction costs, property rights, economic theories of government, the role of special institutions such as contracts, the defects of macroeconomic and equity arguments for regulating individual markets, environmental economics and the defects of public land management policies are examined

Case for repealing the 1935 Act as a way of eliminating barriers to entry into independent power production; US.

Conservationists have long argued that the free market neglects the needs of future generations. Economists who have examined this argument have stressed the dubious realism of any rigorous formulation of the conservationist position, but relatively little attention has been paid to the implications of policies designed to increase the weight given to future demands. Scott has conjectured that such policies might speed exhaustion of mineral resources. If he is correct, the usual conservationist argument that neglect of the future is equivalent to a too rapid use of resources would no longer hold. This article seeks to provide a rigorous proof of Scott's hypothesis.The economic literature has shown that all rigorous definitions of neglect of the future involve the use of higher than "desirable" interest rates. To explore the consequences of such interest rates, one requires a theory of how resource producers act. Such guidance is provided by the Gray-Hotelling pure theory of exhaustion. A simple test of the basic question is provided by showing how an industry that behaves according to theory would alter its actions if interest rates were lowered.Section III of this paper provides such a test. The first two sections provide the necessary preliminaries—examination of the justifications given for the contention that interest rates are too high, and a brief explanation of the pure theory of exhaustion. The final section discusses further implications of the basic theorem set out in Section III.

(History of Religion: Essays and Preliminary Studies) brings together the mutually constitutive aspects of the study of religion(s)—contextualized data, theory, and disciplinary positioning—and engages them from a critical historical perspective. The series publishes monographs and thematically focused edited volumes on specific topics and cases as well as comparative work across historical periods from the ancient world to the modern era.