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Session 2 - Class Notes - The economics of Regulation0

Session 2 - Class Notes - The economics of Regulation0 -...

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Session 2:  The Economics of  Session 2:  The Economics of  Regulation Regulation Hye Sun Chang  ACCY 303  
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Outline Outline • Introduce the concept of regulation. • Discuss the economic motives for  government regulation. • Explain the economic theory of regulation.
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Regulation Regulation What is regulation: “controlling human or societal behavior by rules or  restrictions” Examples of government regulation: Antitrust legislation – FTC Environmental protection laws – EPA  Financial disclosure for publicly traded stock –  SEC  Food and drugs – FDA Financial services regulation – FDIC, FED  Airport safety – TSA
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Economic Motives for Government  Economic Motives for Government  Intervention Intervention Provide laws and legal institutions that define  and enforce property rights  Seek to correct market failures Externalities Public goods Monopolies Information asymmetry
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