New Perspectives on Regulation
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.”
“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.”
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.