Show simple item record

Regulating the Regulators

dc.contributor.authorViscusi, W. Kip
dc.identifier.citation63 U. Chi. L. Rev. 1423 (1996)en_US
dc.description.abstractSince the 1970s, there has been a tremendous growth in government regulation pertaining to risk and the environment. These efforts have emerged quite legitimately because market processes alone cannot fully address risk-related concerns.' Without some kind of regulation or liability, for example, firms lack appropriate incentives to restrict their pollution. Similarly, when products or activities are extremely risky, if people are not cognizant of the risks they face, the firms generating the hazards may not have adequate incentives to issue warnings. To solve these problems, regulatory agencies have mounted a wide variety of efforts to improve the quality of the air we breathe, the water we drink, the products we use, and the workplaces where we toil. Notwithstanding the legitimate impetus for these regulatory activities, government agencies sometimes overstep their bounds. The presence of market failure creates a potential role for government action, but this action must be well conceived. A clearly misguided and unduly burdensome regulation certainly would not be in society's best interest even if it were intended to address a legitimate social problem. As in other policy contexts, the task is to structure regulatory efforts to promote society's welfare as effectively as possible.en_US
dc.format.extent1 PDF (41 pages)en_US
dc.publisherUniversity of Chicago Law Reviewen_US
dc.subject.lcshEnvironmental law -- Compliance costsen_US
dc.subject.lcshDelegated legislation -- Economic aspectsen_US
dc.subject.lcshAdministrative procedure -- United Statesen_US
dc.subject.lcshLegislative oversight -- United Statesen_US
dc.titleRegulating the Regulatorsen_US

Files in this item


This item appears in the following Collection(s)

Show simple item record