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2 months ago
Discuss the political economy theory of regulation.
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Business and Its Environment
Edition: 7th
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2 months ago
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This political economy theory views regulation as shaped by market imperfections, institutions and their officeholders, and the nonmarket action of private interests. The impact of nonmarket action on regulatory agencies is direct, as well as indirect through Congress and the executive branch. In addition, regulation has procedural requirements imposed by both legislation and due process rights. The economic efficiency objective of addressing market imperfections also influences the policymaking process, particularly if that objective is embraced by the presidential administration. The civil service personnel of the agencies and the nature of bureaucracy also play a role.
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