Economic regulation is characterized as (1) an effort by special interests to influence the allocation of property rights, in (2) a continuous path-dependent spontaneous evolution (as apposed to a static equilibrium), driven by (3) market, political, and bureaucratic entrepreneurship in an ongoing discovery process. The implications of the model are illustrated by an examination of the evolution of regulation in interstate trucking. The model is also used to explain that the Chicago School's political-regulatory efficiency conclusions are incorrect, and that the inefficiencies arising from rent seeking are even greater than the Public Choice approach implies.
The Review of Austrian Economics – Springer Journals
Published: Oct 18, 2004
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