Economic Benefits from Regulation
Many students are taught and/or implicitly assume that deregulation is a supply-side policy designed to unleash innovation, drive market entry and stimulate growth. In this piece for Project Syndicate, Professor Diane Coyle argues that there are three important channels through which regulation can benefit an economy and in doing so, provides some important evaluation strands for A-level economics students.
In a nutshell the benefits of well-designed regulation include:
- Technical standards help to utilise faster economies of scale
- Strengthens competition when it tackles information asymmetries especially with complex products
- Protects consumers even when this means less supernormal profits for businesses with market power
In which I explain how regulation can be good for the economy: https://t.co/8RK2JMACtU
— Diane Coyle (@DianeCoyle1859) July 18, 2018
Three Cheers for Regulation. Nice piece counter-intuitive piece by @DianeCoyle1859 "The question is not whether regulation is good or bad, but whether it is well or badly designed". https://t.co/T9hXhQZ55N
— jeremy warner (@JeremyWarnerUK) July 19, 2018
RT @econromesh: Three important channels through which #regulation can benefit an economy; the question is not whether it is good or bad, but whether it is well or badly designed, @DianeCoyle1859 @ProSyn https://t.co/LjcjHgQzip
— Dennis A V Dittrich (@davdittrich) July 23, 2018
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Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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