The Process-Welfare Nexus

Abstract

In an era fashionable for its simplistic trashing of the regulatory state, Steven Croley's Regulation and Public Interests provides welcome respite. Croley mounts a valiant defense of regulation. His central argument is straightforward; namely, "that the cynical view of regulation shows far too little attention to the actual processes through which administrative agencies regulate. Once the administrative state is unpacked-once it is considered in light of its procedural complexities-grim conclusions about the inability of regulatory institutions to advance the general welfare give way to more optimistic assessments." (p. 4). This book review argues that while Croley presents a thought-provoking defense of the regulatory state, the nexus he creates between process and welfare is not entirely convincing.

The article proceeds in three parts. Part I offers a brief overview of the book. Part II highlights the significant strengths of Croley's endeavor. Finally, Part III suggests some possible gaps in the book's arguments.

Keywords: regulation, administrative law

JEL Classification: G18, K20, L50