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The Causes and Effects of Deregulation

Edited by Paul W. MacAvoy, Williams Brothers Professor of Economics and Management Studies Emeritus, Yale School of Management, US and Richard Schmalensee, Howard W. Johnson Professor of Management and Economics Emeritus and Dean Emeritus, MIT Sloan School of Management, Massachusetts Institute of Technology, US
This collection will be a valuable source of reference for anyone interested in the process of deregulation.
Two volume set
Extent: 1,488 pp
Hardback Price: £480.00 Web: £432.00
Publication Date: 2014
ISBN: 978 1 78100 692 4
Availability: In Stock

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  • Economics and Finance
  • Economic Psychology
  • Public Sector Economics
Beginning with railroad regulation in 1887 and continuing for eight decades, the U.S. Federal Government expanded its regulatory scope to cover key transportation, telecommunications and energy sectors. In the last quarter of the 20th century this long-term trend was abruptly and dramatically reversed as important sectors of the U.S. economy were deregulated. This important collection charts the causes and effects of this process.

Alongside an original introduction, the carefully selected analyses provided in this volume consider the political and economic forces behind the elimination of regulatory authority and describe how this historic turnaround took place. Did the cessation of government control enable vigorous competition or promote stifling monopolies? The answers found here will inform debates surrounding the regulation of financial and information markets.

This collection will be a valuable source of reference for anyone interested in the process of deregulation.
41 articles, dating from 1968 to 2012
Contributors include: S. Borenstein, J.A. Hausman, P.L. Joskow, A.E. Kahn, R. Noll, S. Peltzman, N.L. Rose, G.J. Stigler, P. Temin, M.D. Whinston

Volume I


Introduction Paul W. MacAvoy and Richard Schmalensee

1. President’s Council of Economic Affairs (2003), ‘Regulation in a Dynamic Economy’
2. George J. Stigler (1971), ‘The Theory of Economic Regulation’
3. Sam Peltzman (1989), ‘The Economic Theory of Regulation after a Decade of Deregulation, including discussion by Roger Noll’
4. Roger Noll (1989), ‘Economic Perspectives on the Politics of Regulation’

5. James M. MacDonald and Linda C. Cavalluzzo (1996), ‘Railroad Deregulation: Pricing Reforms, Shipper Responses, and the Effects on Labor’
6. Mark L. Burton (1993), ‘Railroad Deregulation, Carrier Behavior, and Shipper Response: A Disaggregated Analysis’
7. Wesley W. Wilson (1997), ‘Cost Savings and Productivity in the Railroad Industry’
8. Jerry Ellig (2002), ‘Railroad Deregulation and Consumer Welfare’
9. Wesley W. Wilson (1994), ‘Market-Specific Effects of Rail Deregulation’

10. John S. Ying and Theodore E. Keeler (1991), ‘Pricing in a Deregulated Environment: The Motor Carrier Experience’
11. Richard Beilock and James Freeman (1987), ‘The Effect of Rate Levels and Structures of Removing Entry and Rate Controls on Motor Carriers’
12. Nancy L. Rose (1985), ‘The Incidence of Regulatory Rents in the Motor Carrier Industry’
13. Barry T. Hirsch (1993), ‘Trucking Deregulation and Labor Earnings: Is The Union Premium a Compensating Differential?’
14. Dorothy Robyn (1987), ‘Demonstrating the Merits: Strategic Use of Analysis’ and ‘The Ad Hoc Coalition: Strange Bedfellows Make Good Politics’

15. Alfred E. Kahn (1983), ‘Deregulation and Vested Interests: The Case of Airlines’
16. Barry T. Hirsch and David A. Macpherson (2000), ‘Earnings, Rents, and Competition in the Airline Labor Market’
17. Michael D. Whinston and Scott C. Collins (1992), ‘Entry and Competitive Structure in Deregulated Airline Markets: An Event Study Analysis of People Express’
18. Severin Borenstein and Nancy L. Rose (2007), ‘How Airline Markets Work… Or Do They? Regulatory Reform in the Airline Industry’
19. Wallace Hendricks (1994), ‘Deregulation and Labor Earnings’

Volume II

An Introduction to both volumes by the editors appears in Volume I

1. Edmund W. Kitch (1968), ‘Regulation of the Field Market for Natural Gas by the Federal Power Commission’
2. Richard J. Pierce, Jr. (1988), ‘Reconstituting the Natural Gas Industry from Wellhead to Burnertip’
3. Paul W. MacAvoy (2000), ‘The Natural Gas Market: Sixty Years of Regulation and Deregulation’
4. Lucas W. Davis and Lutz Kilian (2011), ‘The Allocative Cost of Price Ceilings in the U.S. Residential Market for Natural Gas’
5. Arthur De Vany and W. David Walls (1994), ‘Open Access and the Emergence of a Competitive Natural Gas Market’

6. Peter Temin with Louis Galambos (1987), ‘Setting the Stage’ and ‘Reaching Agreement’
7. Almarin Phillips (2002), ‘What It Was Like, What Happened, and What It’s Like Now: Developments in Telecommunications Over Recent Decades’
8. Paul W. MacAvoy (1995), ‘Tacit Collusion Under Regulation in the Pricing of Interstate Long-Distance Telephone Services’
9. Robert W. Crandall (2005), ‘Effect of the 1996 Act on Incumbent Local Companies’, ‘The Death of Distance and the Long-Distance Carriers’ and ‘The Rapid Growth of Wireless Telecommunications’
10. Jerry A. Hausman (2003), ‘Regulated Costs and Prices in Telecommunications’
11. Jerry A. Hausman and William E. Taylor (2013), ‘Telecommunication in the US: From Regulation to Competition (Almost)’

12. Paul L. Joskow and Richard Schmalensee (1983), ‘Conclusions’
13. Paul L. Joskow (2006), ‘Markets for Power in the United States: An Interim Assessment’
14. Kira R. Fabrizio, Nancy L. Rose and Catherine D. Wolfram (2007), ‘Do Markets Reduce Costs? Assessing the Impact of Regulatory Restructuring on US Electric Generation Efficiency’
15. Steven L. Puller (2007), ‘Pricing and Firm Conduct in California’s Deregulated Electricity Market’
16. Timothy J. Considine and Andrew N. Kleit (2007), ‘Can Electricity Restructuring Survive? Lessons from California and Pennsylvania’
17. Paul L. Joskow and Richard Schmalensee (1986), ‘Incentive Regulation for Electric Utilities’
18. Lucas W. Davis and Catherine Wolfram (2012), ‘Deregulation, Consolidation, and Efficiency: Evidence from US Nuclear Power’

19. Bruce M. Owen and Paul D. Gottlieb (1986), ‘The Rise and Fall and Rise of Cable Television Regulation’
20. Robin A. Prager (1992), ‘The Effects of Deregulating Cable Television: Evidence from the Financial Markets’
21. Adam B. Jaffe and David M. Kanter (1990), ‘Market Power of Local Cable Television Franchises: Evidence from the Effects of Deregulation’
22. Thomas W. Hazlett (1996), ‘Cable Television Rate Regulation’
23. Robert W. Crandell and Harold Furchgott-Roth (1996), ‘Where Do We Go From Here?’