Peltzman on regulation and politics
There is no question that self-interest matters, not only in private markets but in the political arena as well (see Goldberg, 1974, 1976, 1977). Peltzman's paper is an extremely clever effort to pose the political problem so that the tools and reasoning from the standard model could be extended to the new area with minimal modification. The approach directs attention to technical questions — e.g., the signs of second derivatives (Peltzman, 1976: 220–221) — of a familiar sort. However, the environment in the new area is so different from the more mundane environments in which the theory normally thrives that a major adaptive effort will be necessary for the theory to survive. If it does survive, it will be in a form that is almost unrecognizable. Copyright Martinus Nijhoff Publishers 1982
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Volume (Year): 39 (1982)
Issue (Month): 2 (January)
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References listed on IDEAS
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- Posner, Richard A, 1975. "The Social Costs of Monopoly and Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 807-27, August.
- Goldberg, Victor P, 1974. "Institutional Change and the Quasi-Invisible Hand," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 461-92, October.
- Gordon Tullock, 1975. "The Transitional Gains Trap," Bell Journal of Economics, The RAND Corporation, vol. 6(2), pages 671-678, Autumn.
- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- North, Douglass C, 1978. "Structure and Performance: The Task of Economic History," Journal of Economic Literature, American Economic Association, vol. 16(3), pages 963-78, September.
- Olmstead, Alan L. & Goldberg, Victor P., 1975. "Institutional Change and American Economic Growth: A critique of Davis and North," Explorations in Economic History, Elsevier, vol. 12(2), pages 193-210, April.
- John Chant & Keith Acheson, 1972. "The choice of monetary instruments and the theory of bureaucracy," Public Choice, Springer, vol. 12(1), pages 13-33, March.
- Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
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