Understanding Regulation by Andrei Shleifer.pdf

Understanding Regulation by Andrei Shleifer.pdf

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时间:2019-03-04

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1、UnderstandingRegulationAndreiShleiferRevised,September2004I.ThePuzzleofRegulation.TheAmericanandEuropeansocietiesaremuchrichertodaythantheywere100yearsago,yettheyarealsovastlymoreregulated.Today,weliveinhousesandapartmentbuildingswhoseconstruction–fromzoning,touseofmaterials,tofirec

2、odes–isheavilyregulated.Weeatfoodgrownwithheavilyregulatedfertilizersandhormones,processedinheavilyregulatedfactorieswithpubliclymonitoredtechnologies,andsoldinheavilyregulatedoutletswithelaboratelabelsandwarnings.Ourmeansoftransport,includingcars,buses,andairplanes,aremade,sold,dri

3、ven,andmaintainedunderheavygovernmentregulation.Ourchildrenattendschoolsthatteachheavilyregulatedcurriculae,visitdoctorsfollowingheavilyregulatedproceduresandpaidgovernment-controlledprices,andplayonplay-groundsusinggovernment-mandatedsafetystandards.Theextraordinarypervasivenessofg

4、overnmentregulationinourlivesraisesanumberofquestions.Isregulationgenerallyagoodidea,asthepositivecorrelationbetweenitsgrowthandthegrowthofincomeseemstoindicate,orhasitbeenanobstacletoeconomicandsocialprogress?HavetheU.S.andWesternEuropegrowninspiteofit?Howmuchregulationofaparticula

5、ractivityisappropriate?Doesthenatureoftheactivitybeingregulated,orthecharacteristicsofacountry,influencetheoptimalchoice?Isthelevelofregulationweobserveisinfactanoutcomeofefficientsocialchoice,orareotherfactorsasormoreimportant?1thOverthe20century,economistshavecomeupwithanumberofwa

6、ysofthinkingaboutgovernmentregulation.Inthispaper,Ireviewsomeofthekeytheoriesofeconomicregulation,andassesstheirrelevance,payingparticularattentiontotheregulationofsecuritiesmarkets.ThethreetheoriesIfocusonarethewelfare-theoreticorpublicinteresttheoryofregulationassociatedwithPigou(

7、1934),thecontractingtheoryassociatedwithCoase(1960),andthecapturetheoryofStigler(1971).Ithendescribeanalternativewayofthinkingaboutregulationandsocialcontrolofbusinessmoregenerally,developedinaseriesofpaperswithSimeonDjankov,EdwardGlaeser,RafaelLaPorta,andFlorencioLopez-de-Silanes.F

8、inally,Iusethistheo

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