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A process perspective on regulation: Who bears the dispersed costs of regulation?

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  • Diana W. Thomas

    (Creighton University)

Abstract

Scholars in both Austrian Economics and the Public Choice tradition intuitively understand that intervention often creates redistribution from lower income households to the middle class, but there has been little systematic inquiry into the distributional consequences of interventionism. This paper systematically applies Austrian insights to the dispersed costs side of the analysis of intervention to offer a better sense of how large those costs may be and who tends to bear them. An emergent literature on the regressive effects of regulation highlights those distributional consequences both from a theoretical and an empirical perspective.

Suggested Citation

  • Diana W. Thomas, 2018. "A process perspective on regulation: Who bears the dispersed costs of regulation?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(4), pages 395-402, December.
    • Handle: RePEc:kap:revaec:v:31:y:2018:i:4:d:10.1007_s11138-018-0426-3
    DOI: 10.1007/s11138-018-0426-3
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    References listed on IDEAS

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    1. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    2. Shogren, Jason F, 1990. "The Optimal Subsidization of Baptists by Bootleggers," Public Choice, Springer, vol. 67(2), pages 181-189, November.
    3. James B. Bailey & Diana W. Thomas, 2017. "Regulating away competition: the effect of regulation on entrepreneurship and employment," Journal of Regulatory Economics, Springer, vol. 52(3), pages 237-254, December.
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    7. Philip Jones & John Cullis, 1986. "Is democracy regressive? A comment on political participation," Public Choice, Springer, vol. 51(1), pages 101-107, January.
    8. Dustin Chambers & Courtney A. Collins & Alan Krause, 2019. "How do federal regulations affect consumer prices? An analysis of the regressive effects of regulation," Public Choice, Springer, vol. 180(1), pages 57-90, July.
    9. Richard E. Wagner, 2012. "Deficits, Debt, and Democracy," Books, Edward Elgar Publishing, number 14477.
    10. 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.
    11. Roger D. Congleton & Arye L. Hillman (ed.), 2015. "Companion to the Political Economy of Rent Seeking," Books, Edward Elgar Publishing, number 15325.
    12. repec:elg:eechap:15325_11 is not listed on IDEAS
    13. James B. Bailey & Diana W. Thomas & Joseph R. Anderson, 2019. "Regressive effects of regulation on wages," Public Choice, Springer, vol. 180(1), pages 91-103, July.
    14. William F. Shughart II & Laura Razzolini & Michael Reksulak (ed.), 2013. "The Elgar Companion to Public Choice, Second Edition," Books, Edward Elgar Publishing, number 14039.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Randall G. Holcombe, 2022. "Creative destruction: getting ahead and staying ahead in a capitalist economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(4), pages 467-480, December.
    2. Daniel J. Smith, 2023. "Austrian economics as a relevant research program," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(4), pages 501-514, December.

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    More about this item

    Keywords

    Regressive effects of regulation; Intervention; Dispersed costs;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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