Regulatory Theory

A COMPANION TO PHILOSOPHY OF LAW AND LEGAL THEORY, Dennis Paterson, ed., Cambridge U. Press, Forthcoming

U of Penn Law School, Public Law Research Paper No. 10-07

18 Pages Posted: 16 Feb 2010

Date Written: December 11, 2009

Abstract

This chapter reviews a range of topics connected to the justification of government regulation, including: the definition of “regulation”; welfarism, Kaldor-Hicks efficiency, and the Pareto principles; the fundamental theorems of welfare economics and the “market failure” framework for justifying regulation, which identifies different ways in which the conditions for those theorems may fail to hold true (such as externalities, public goods, monopoly power, and imperfect information); the Coase theorem; and the different forms of regulation.

Keywords: Administrative law and regulation, regulation defined, moral evaluation of regulation, economic rationales for regulation, welfarism, Kaldor-Hicks principle, Pareto principle, welfare economics, market failure, externalities, public goods and monopoly power, The Coase Theorem

JEL Classification: K20, K23, L43, L51

Suggested Citation

Adler, Matthew D., Regulatory Theory (December 11, 2009). A COMPANION TO PHILOSOPHY OF LAW AND LEGAL THEORY, Dennis Paterson, ed., Cambridge U. Press, Forthcoming; U of Penn Law School, Public Law Research Paper No. 10-07. Available at SSRN: https://ssrn.com/abstract=1553781

Matthew D. Adler (Contact Author)

Duke University School of Law ( email )

210 Science Drive
Box 90362
Durham, NC 27708
United States

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