An Introduction to Law and Regulation: Text and Materials by Bronwen Morgan, Karen Yeung

By Bronwen Morgan, Karen Yeung

Lately, rules has emerged as the most specific and significant fields of research within the social sciences, either for policy-makers and for students who require a theoretical framework that may be utilized to any social region. This well timed textbook presents a conceptual map of the sector and an obtainable and demanding creation to the topic. Morgan and Yeung set out a various and stimulating choice of fabrics and provides them context with a complete and important statement. via adopting an interdisciplinary method and emphasising the position of legislations in its broader social and political context, it will likely be a useful instrument for the coed coming to legislation for the 1st time. This in actual fact established, academically rigorous identify, with a contextualised standpoint, is vital analyzing for all scholars of the topic.

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In other words, ‘market failure’ and ‘private law failure’ have to be compared with ‘regulatory failure’. Monopolies and natural monopolies Competition is a crucial assumption of the market model. Where it is seriously impaired by monopolies and anti-competitive practices there is market failure. Competition (or antitrust) law is the principle instrument for dealing with this problem . . A ‘natural monopoly’ is a special kind of monopoly which calls for very different treatment. While the undesirable consequences (that goods are overpriced and under produced relative to their true social value) arise equally in relation to natural monopolies, the remedy for the latter lies not in competition.

Willingness to pay, in other words, cannot be used to measure demand and will thus fail to provide incentives for suppliers to produce. National (or local) security is an example of a pure public good. Such goods are typically provided by suppliers which are publicly owned À in our example, the armed forces and the police. In fact this is not (economically) essential; a private firm could supply the good, but a public agency is required both to raise sufficient money to secure the supply and to make decisions determining the quantity and quality of the public good.

If she paid nothing, she would still be able to ‘free-ride’. Willingness to pay, in other words, cannot be used to measure demand and will thus fail to provide incentives for suppliers to produce. National (or local) security is an example of a pure public good. Such goods are typically provided by suppliers which are publicly owned À in our example, the armed forces and the police. In fact this is not (economically) essential; a private firm could supply the good, but a public agency is required both to raise sufficient money to secure the supply and to make decisions determining the quantity and quality of the public good.

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