New Perspectives on Regulation

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Edited by David Moss (Harvard Business School) and John Cisternino (The Tobin Project)

ISBN: 9780982478806; 162 pages. Paperback available for purchase July 2009; Download full text or chapters at right.

Praise for New Perspectives on Regulation

“For the past thirty years we have lost our awareness that fair and efficient regulation is as important to successful capitalism as free markets. New Perspectives on Regulation tells us, practically, how to go forward, as we regain that awareness.” 
— George Akerlof, 2001 Nobel Laureate in Economics

“At last, we have a highly readable and engaging volume – admirably brief – on financial and market regulation…The Tobin Project’s aptly titled New Perspectives uncorks the old wine of regulation to ferment a timely and provocative new vintage, replete with intriguing – even urgent – solutions. Best of all, its expert authors ponder anew the fundamental questions first raised in the 1930s: why do we need regulation of markets, where do we need it, and what do we expect of it.”
— Roger Lowenstein, Bestselling author of When Genius Failed and Origins of the Crash

Summary

New regulation shouldn't rely on old ideas. Since the 1960s, influential research on government failure helped to drive the movement for deregulation and privatization. Yet even as this branch of research was flourishing, very different ideas were sprouting in the social sciences with profound implications for our understanding of human behavior and the role of government. Some of these ideas, particularly from the field of behavioral economics, have begun to enter into discussions of regulatory purpose, design, and implementation. The process is far from complete, and many other exciting new lines of research - on everything from social cooperation to co-regulation - have hardly been incorporated at all. It is imperative that lawmakers and their constituents be able to draw on the very latest academic work in thinking anew about the role of government. This is the purpose of this book: to make the newest and most important research accessible to a broad audience.

» Author Bios PDF

Contents

» Preface PDF
» Introduction PDF

1. Regulation and Failure PDF
   Joseph Stiglitz, University Professor, Columbia University
2. The Case for Behaviorally Informed Regulation PDF
   Michael S. Barr, Professor of Law, University of Michigan; Sendhil Mullainathan, Professor of Economics, Harvard University; Eldar Shafir, Professor of Psychology and Public Affairs, Princeton University
3. From Greenspan's Despair to Obama's Hope: The Scientific Basis of Cooperation as Principles of Regulation PDF
   Yochai Benkler, Jack N. and Lillian R. Berkman Professor for Entrepreneurial Legal Studies, Harvard University
4. Government as Risk Manager PDF
   Tom Baker, Professor, University of Pennsylvania Law School, and David Moss, John G. McLean Professor of Business Administration, Harvard Business School
5. Toward a Culture of Persistent Regulatory Experimentation and Evaluation PDF
   Michael Greenstone, 3M Professor of Environmental Economics, Massachusetts Institute of Technology
6. The Promise and Pitfalls of Co-Regulation: How Governments Can Draw on Private Governance for Public Purpose PDF
   Edward J. Balleisen, Associate Professor of History, Duke University, and Marc Eisner, Professor of Government, Wesleyan University
7. The Principles of Embedded Liberalism: Social Legitimacy and Global Capitalism PDF
   Rawi E. Abdelal, Joseph C. Wilson Professor of Business Administration, Harvard Business School, and John G. Ruggie, Evron and Jeane Kirkpatrick Professor of International Affairs, John F. Kennedy School of Government, Harvard University

» Acknowledgments PDF