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1、EuropeanFinancialManagement,Vol.11,No.4,2005,439–451UnderstandingRegulationAndreiShleiferWhippleV.N.JonesProfessorofEconomics,HarvardUniversityemail:ashleifer@harvard.edu1.ThePuzzleofRegulationTheAmericanandEuropeansocietiesaremuchrichertodaythantheywere100yearsago,yettheyarealsov
2、astlymoreregulated.Today,weliveinhousesandapartmentbuildingswhoseconstruction–fromzoning,touseofmaterials,tofirecodes–isheavilyregulated.Weeatfoodgrownwithheavilyregulatedfertilizersandhormones,processedinheavilyregulatedfactorieswithpubliclymonitoredtechnologies,andsoldinheavilyr
3、egulatedoutletswithelaboratelabelsandwarnings.Ourmeansoftransport,includingcars,buses,andairplanes,aremade,sold,driven,andmaintainedunderheavygovernmentregulation.Ourchildrenattendschoolsthatteachheavilyregulatedcurriculae,visitdoctorsfollowingheavilyregulatedproceduresandpaidgove
4、rnment-controlledprices,andplayonplay-groundsusinggovernment-mandatedsafetystandards.Theextraordinarypervasivenessofgovernmentregulationinourlivesraisesanumberofquestions.Isregulationgenerallyagoodidea,asthepositivecorrelationbetweenitsgrowthandthegrowthofincomeseemstoindicate,orh
5、asitbeenanobstacletoeconomicandsocialprogress?HavetheUSAandWesternEuropegrowninspiteofit?Howmuchregulationofaparticularactivityisappropriate?Doesthenatureoftheactivitybeingregulated,orthecharacteristicsofacountry,influencetheoptimalchoice?Isthelevelofregulationweobserveinfactanout
6、comeofefficientsocialchoice,orareotherfactorsasormoreimportant?Overthetwentiethcentury,economistshavecomeupwithanumberofwaysofthinkingaboutgovernmentregulation.Inthispaper,Ireviewsomeofthekeytheoriesofeconomicregulation,andassesstheirrelevance,payingparticularattentiontotheregulat
7、ionofsecuritiesmarkets.ThethreetheoriesIfocusonarethewelfare-theoreticorpublicinteresttheoryofregulationassociatedwithPigou(1938),thecontractingtheoryassociatedwithCoase(1960),andthecapturetheoryofStigler(1971).Ithendescribeanalternativewayofthinkingaboutregulationandsocialcontrol
8、ofbusinessmoregenerally,developed
