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Unformatted text preview: Lecture 2.5 Notes: America-hare and Europe is the Tortise Look at who is more strict slide? Politics of Regulation Regulation has players. Some are better off and some are worse off. One way of thinking about regulation and its helpfulness is to identify these players. Current regulations have concentrated costs: in which the top 1% are worse off, and the rest of us 99% are better off (lower interest rates/not paying more for a fixing economy) Examples: US price supports in Sugar and Milk (Milk subsidy and Sugar tax) Other countries sell sugar to the US, and they make lots of money because we charge a lot for sugar. Pg 240 In reading packet- IMPORTANT What drives policy in general is public outrage. When people are upset, then they government changes (to reflect their votes). If the public doesnt like that there are too many drugs out there, then the FDA becomes more stringent. If the public doesnt like the publicity that cigarettes are being labeled/distributed, then they can influence that type of policy. Even policy regarding clean air is heavily labeled/distributed, then they can influence that type of policy....
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- Spring '08