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The 3 Rs: Regulation, risk and responsibility in British utilities since 1945

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  • Martin Chick

Abstract

Before privatisation, required rates of return and test discount rates were being applied to utility and other nationalised industries. One effect of this new approach was to promote more marginal-cost based tariffs which could fall particularly heavily on low-income groups. This trend was reinforced by privatisation which, when accompanied by market liberalisation, increased uncertainty about the likely returns on capital investment projects. Both of these issues, the treatment of poverty and coping with uncertainty, were of long-standing concern to the Austrian school of economics. Where Austrian economists differed from liberalising governments was in their locating of responsibility.

Suggested Citation

  • Martin Chick, 2011. "The 3 Rs: Regulation, risk and responsibility in British utilities since 1945," Business History, Taylor & Francis Journals, vol. 53(5), pages 747-760, August.
  • Handle: RePEc:taf:bushst:v:53:y:2011:i:5:p:747-760
    DOI: 10.1080/00076791.2011.599593
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    References listed on IDEAS

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    1. Brown,Stephen J. & Sibley,David Sumner, 1986. "The Theory of Public Utility Pricing," Cambridge Books, Cambridge University Press, number 9780521314008.
    2. Martin Chick, 2007. "Electricity and Energy Policy in Britain, France and the United States since 1945," Books, Edward Elgar Publishing, number 3650.
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    Cited by:

    1. Francesco Vona & Francesco Nicolli, 2013. "Energy market liberalisation and renewable energy policies in OECD countries," Working Papers hal-00973070, HAL.
    2. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p544jc8op is not listed on IDEAS

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