Partial Deregulation
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Three decades ago, federal policymakers—Republicans and Democrats—embarked on a general strategy of deregulation. In the electricity, gas delivery, and telecommunications industries, the strategy called for restructuring to separate production from transmission and distribution, followed by elimination of price controls. The expected results were lower prices and increased quality, reliability, and scope of services. Paul W. MacAvoy, an economist with forty years of experience in the regulatory field, here assesses the results and concludes that deregulation has failed to achieve any of these goals in any of these industries.
MacAvoy shows that we now have only partial deregulation, a mixture of oligopoly structure with direct price control. He explores why this system leads to volatile and high prices, reduced investment, and low profitability, and what policy actions can be implemented to address these problems.
[edit] Table of Contents
- Preface xi
- 1. Introduction to Network Technology and Market Structure 1
- 2. The Regulation of Networks 13
- 3. Electric and Gas Network Performance and Partial Deregulation 36
- 4. The Strategic Response of Pacific Gas and Electric Corporation to Partial Deregulation during the California Power Crisis 69
- 5. The Long Distance Telephone Networks and Partial Deregulation 94
- 6. The Singular Result of Partial Deregulation and What Can Be Done 129
- Notes 147
- Bibliography 165
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- Preface iiv
- 1. Entrepreneurship and Growth: A Missing Piece of the Puzzle 1
- 2. Why Economic Growth Matters 13
- 3. What Drives Economic Growth? 36
- 4. Capitalism: The Different Types and Their Impacts on Growth 69
- 5. Growth at the Cutting Edge 94
- 6. Unleashing Entrepreneurship in Less Developed Economies 129
- Notes, Bibliography, and Index 147
