Chapter 12

Chapter 12 - Chapter 12 Regulation and the Courts Goal of...

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Regulation and the Courts Goal of regulation o Regulation : foundation of the government’s work o Goal : to change the behavior when the unchecked pursuit of self-interest could harm others o Goal : to control how government agencies and employees go about their administrative tasks, especially in regulating private behavior o Necessary components for meeting goals: source of regulatory authority, amount of resources, and regulatory procedure Regulation background o Regulation linked in constitution to congressional power o Public generally hostile to regulation o Federal regulations unquestionably costly, but no one really knows cost of complying with them o Regulatory agencies have more expertise in their particular fields than congress, the president’s office and the courts. Economic regulation o Economic regulation: one type of government regulation; began in the states, started in the federal government in 1887 o Antitrust laws : attempts to assure competition by preventing monopolies and unfair methods (justice dept. and federal trade commission) of competition: (fair competition and fairer trade policies); embrace all industries in which these problems occur Also cover regulation of entry to a business, prices, safety, and standards of service. Independent regulatory commissions: can regulate either single industry or a handful of industries o Capture : occurs when these commissions fall under the domination of the sole industry they are supposed to regulate and when no effective consumer organization exists. Social regulation
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Chapter 12 - Chapter 12 Regulation and the Courts Goal of...

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