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Why Regulate Utilities? informs and revises economic thought about regulation and regulatory changes. Showing that state regulation governed the behavior of local politicians as well as utilities, Werner Troesken gives empirical muscle to the idea that regulatory commissions act like administered contracts. Synthesizing and extending the new institutional economics, he builds a comprehensive model of institutional change and political economy.
Why Regulate Utilities? promotes sensitivity to a relevant past. Highlighting institutional arrangements once hidden by the shadows of the past, it demonstrates how utility markets operated in the years before state regulation. Emphasizing the importance of historical context, Werner Troesken suggests that producer support for a particular law or regulation need not imply that the law or regulation is inefficient or contrary to the public interest.
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Subjects
History, Gas industry, Government policy, Antitrust law, Law and legislation, GasPlaces
United States, Illinois, ChicagoEdition | Availability |
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Why regulate utilities?: the new institutional economics and the Chicago gas industry, 1849-1924
1996, University of Michigan Press
in English
0472107399 9780472107391
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Edition Notes
Includes bibliographical references (p. 121-128) and index.
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