NCJ Number
116398
Journal
Journal of Economic Issues Volume: 22 Issue: 4 Dated: (December 1988) Pages: 1169-1178
Date Published
1988
Length
10 pages
Annotation
This article advocates the economics of the institutionalist position over the law and economics approach in establishing regulatory policy and points out the need for institutionalists to become actively involved in the regulatory process.
Abstract
The importance of public interest expertise in the regulatory process is discussed, with emphasis on the impact institutionalists can have in checking regulatory vested interests. Institutional economists can be valuable to a public interest team because they can distill complicated economic terminology into material that can be understood by the public. If institutionalist economics asserts a claim that it wishes to solve real world problems, then institutionalist economists must become involved in the democratic process that establishes regulatory policy. 9 footnotes.