Modern Economic Regulation: An Introduction to Theory and Practice
Economic regulation affects us all, shaping how we access essential services such as water, energy and transport, as well as how we communicate with one another in the digital world. Modern Economic Regulation describes the core insights of economic theory on which regulatory policies are based and connects this with evidence of how regulation is applied. It focuses on fundamental questions such as: why are certain industries regulated? What principles can inform regulation? How is regulation implemented? Which regulatory policies have been more, or less, effective in practice? All chapters in this second edition are fully updated to reflect the latest research and evidence, while five new chapters cover behavioural economics and the regulation of rail, aviation, payment systems and digital platforms. Each chapter contains discussion questions and topical case studies, and online materials include over 60 applied exercises that explore real-life regulatory problems from around the world.
- Explains the main debates and trade-offs that confront regulators, allowing readers to understand the challenges in applying theory in practical settings
- Explores the general reasons why certain activities and industries are subject to economic regulation, and the merits of alternative ways of regulating these activities
- Explains how context impacts regulation – for example, why the regulatory approach adopted in the water industry may need to differ from that of the telecommunications industry
- Details the importance of regulation in a way that can complement other texts and works that focus on specific policies or approaches
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Description
Economic regulation affects us all, shaping how we access essential services such as water, energy and transport, as well as how we communicate with one another in the digital world. Modern Economic Regulation describes the core insights of economic theory on which regulatory policies are based and connects this with evidence of how regulation is applied. It focuses on fundamental questions such as: why are certain industries regulated? What principles can inform regulation? How is regulation implemented? Which regulatory policies have been more, or less, effective in practice? All chapters in this second edition are fully updated to reflect the latest research and evidence, while five new chapters cover behavioural economics and the regulation of rail, aviation, payment systems and digital platforms. Each chapter contains discussion questions and topical case studies, and online materials include over 60 applied exercises that explore real-life regulatory problems from around the world.
- Explains the main debates and trade-offs that confront regulators, allowing readers to understand the challenges in applying theory in practical settings
- Explores the general reasons why certain activities and industries are subject to economic regulation, and the merits of alternative ways of regulating these activities
- Explains how context impacts regulation – for example, why the regulatory approach adopted in the water industry may need to differ from that of the telecommunications industry
- Details the importance of regulation in a way that can complement other texts and works that focus on specific policies or approaches
