A Regulatory Framework for the 21st Century

Elizabeth Bailey

Eastern Economic Journal, 1999, vol. 25, issue 3, 253-263

Abstract: The design of public policies aimed at human safety, environmental quality, and mitigation of economic harm--the balance between the role of government and of market forces--is a major challenge facing the 21st century. Two highly successful ideas from the 20th century have been most responsible for limiting and redefining the role of government-Coasian theory and contestability theory. Both theories provide practical corrective policies that, once adopted, allow market forces to beneficially hold sway. Coasian and contestability theories working together enable design of an improved regulatory framework for a broad set of new issues involving harm as we move into the 21st century.

JEL-codes: L51 (search for similar items in EconPapers)
Date: 1999
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