By Bronwen Morgan, Karen Yeung
Lately, rules has emerged as the most specific and significant fields of analysis within the social sciences, either for policy-makers and for students who require a theoretical framework that may be utilized to any social area. This well timed textbook presents a conceptual map of the sector and an available and important advent to the topic. Morgan and Yeung set out a various and stimulating number of fabrics and provides them context with a finished and significant observation. through adopting an interdisciplinary method and emphasising the function of legislation in its broader social and political context, it will likely be a useful software for the coed coming to law for the 1st time. This truly dependent, academically rigorous identify, with a contextualised viewpoint, is key analyzing for all scholars of the topic.
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Extra info for An Introduction to Law and Regulation: Text and Materials (Law in Context)
Public interest theories of regulation attribute to legislators (and others responsible for the design and implementation of regulation) a desire to pursue collective goals with the aim of promoting the general welfare of the community. Private interest theories, by contrast, are skeptical of the so-called ‘public interestedness’ of legislators and policy-makers, recognising that regulation often benefits particular groups in society, and not always those it was ostensibly intended to benefit. Institutionalist theories tend to emphasise the interdependency of state and non-state actors in the pursuit of both public benefit and private gain within regulatory regimes.
There are several reasons why it may be inappropriate to attempt to correct apparent externalities, such as those described. In the first place, the third party on whom the cost is imposed may have received ex ante, or will receive ex post, indirect compensation for the loss. In these circumstances, no misallocation occurs. The facts of the bridge case may be adapted to provide an illustration of ex post compensation. If the petrol station suffers short-term losses while the bridge is being repaired but gains in the long term from an increased traffic flow when improvements are complete, no intervention is required: in a rough and ready way, the external cost has been cancelled out by an external benefit.
In general À though the distributional consequences here are complex, and there are many losers as well as winners, even within the group of workers. This kind of collective action problem produces a rationale for regulation that is based on redistribution rather than on economic efficiency. It is not at all clear that it is efficient to allow the creation of cartels among workers, even if it is in the interest of those thus authorised; and this latter point is not entirely clear in light of the fact that (for example) the minimum wage increases unemployment.
An Introduction to Law and Regulation: Text and Materials (Law in Context) by Bronwen Morgan, Karen Yeung
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