Decline of Economic Regulation

For the last two decades. many economists have argued that most economic regulation was actually creating monopoly power rather than curbing it. This idea is partially based on the interest-group view of regulation analyzed above. In addition. observers noted that economic regulation had spread far beyond the local the mid-1970s, regulators were issuing their orders to railroads and trucks, airlines and buses, radio and 1 V broadcast ing, oil and natural gas, pecans and milk, and virtual all financial markets. Many of these regulated industries were closer to the pole of perfect competition than to natural monopoly, as Figure 17-3 suggests.

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