TAILIEUCHUNG - THẠC SỸ KINH TẾ - KINH TẾ VI MÔ - CHAPTER 14

Name an industry that has not, in some way, been under the authority of a government regulatory agency at some time. At the start of the century such a task would have been relatively simple. Today, with government extending its activities in all directions, it is not. Almost every economic activity either is or has been, at some time in the past, subject to some type of regulation at one stage in the manufacturing, wholesaling, or retailing functions. The list of federal regulatory agencies virtually spans the alphabet -- FAA, FDA, FEA, FPC, FRS, FTC, ICC, NTHSA, OSHA, SEC. | CHAPTER 14 Business Regulation If anyone can find such a thing as an unregulated industry he can sell it at a profit to the Smithsonian. George Champion Name an industry that has not in some way been under the authority of a government regulatory agency at some time. At the start of the century such a task would have been relatively simple. Today with government extending its activities in all directions it is not. Almost every economic activity either is or has been at some time in the past subject to some type of regulation at one stage in the manufacturing wholesaling or retailing functions. The list of federal regulatory agencies virtually spans the alphabet -- FAA FDA FEA FPC FRS FTC ICC NTHSA OSHA SEC - to say nothing of the various state utilities commissions licensing boards health departments and consumer protection agencies. As a result it is much easier to list regulated industries than to name an unregulated one. Air transport telephone service trucking natural gas electricity water and sewage systems stock brokering health care taxi services massage parlors pharmacies postal services television and radio broadcasting toy manufacturing beauty shops ocean transport legal advice slaughtering medicine embalming and funeral services optometry oyster fishing banking and insurance all are regulated. Regulation was in the 1960s and 1970s especially one of the nation s largest growth industries although there was something of a recession in regulations in the 1980s . Why have people been willing to substitute the visible foot of government for the invisible hand of competition Explaining regulation -- why and how it happens -- is a major challenge to Although several insightful theories have been proposed statistical tests of those theories are incomplete and are at times based on crude data. Some instances of regulation or changes in regulatory policy cannot be explained by current theories. At best we can only review what is known about .

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