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| * [[Entrepreneurship|Entrepreneurship: Productive, Unproductive, and Destructive]], William J. Baumol, 1990 | |
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| * [[GoodCapitalismBadCapitalismAndTheEconomicsOfGrowthAndProsperity|Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity]]; William J. Baumol, Robert E. Litan, and Carl J. Schramm; 2007 |
Regulatory Economics
Regulatory economics is generally an application of public choice theory to markets and market interventions.
Descriptions
This field studies the markets in the context of regulations, taxes, and other interventions by the legitimate political state or by an international order.
The most common justification for this branch of economic study is to correct market failures. There are more normative studies as well, which blur the line between regulatory economics and welfare economics.
A key concept is regulatory capture. Depending on perspective, this is either:
- a business strategy to 'get ahead' of regulations (i.e., self-regulate then campaign for government agencies to adopt those regulations) and grow strategic advantages over competitors
- a condition affecting government agencies whereby their public stewardship is subverted
Reading Notes
Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States, Albert O. Hirschman, 1970
Entrepreneurship: Productive, Unproductive, and Destructive, William J. Baumol, 1990
The Sanctions Paradox, Daniel W. Drezner, 1999
An Economic Theory of GATT, Kyle Bagwell and Robert W. Staiger, 1999
Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity; William J. Baumol, Robert E. Litan, and Carl J. Schramm; 2007
The Effects of the 1.03 Million Yen Ceiling in a Dynamic Labor Supply Model, Yukiko Abe, 2009
Consumers’ Perceptions and Misperceptions of Energy Costs, Hunt Allcott, 2011
Renegotiation Policies in Sovereign Defaults, Cristina Arellano and Yan Bai, 2014
Economic Sanctions as a Foreign Policy Tool, Michael Klein and Daniel W. Drezner, 2024
Why Has Inflation Been Higher in Chicago Than in the U.S. Overall Recently?, Leslie McGranahan, 2025
Britain’s Debt Restructuring, 1717-22, François Velde, 2025
The Politics of Small Business Owners; Neil Malhotra, Yotam Margalit, and Saikun Shi; 2025
What One Mineral Reveals About the U.S.-China Trade War, Miles Kellerman, 2025
The Sanctions Paradox in 2025, Daniel W. Drezner, 2025
Los Angeles Shows That the Private Sector Can Develop Affordable Housing, Zachary Steinert-Threlkeld, 2025
How to dismantle a reserve currency, Daniel McDowell, 2025