The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Regulation and Deregulation

  • Stephen Breyer
  • Paul W. MacAvoy
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1893

Abstract

Regulation, particularly in the United States, consists of governmental actions to control price, sale and production decisions of firms in an avowed effort to prevent private decision-making that would take inadequate account of the ‘public interest’. The Federal Congress established the first national regulatory agency (the Interstate Commerce Commission) in 1887 to control railroad freight rates and passenger fare, and by 1910 had further directed that agency to set limits on charges for long-distance use of the telephone. Since then 14 Federal agencies and upwards of 100 state agencies have been given authority to regulate corporate activity (Domestic Council Review Group on Regulatory Reform 1977).

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Stephen Breyer
    • 1
  • Paul W. MacAvoy
    • 1
  1. 1.