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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
