Regulation articles from June 2008

Regulation archives from June 2008

The supply of 'phantom shares'.(FOR THE RECORD)(naked short selling )
June 22, 2008... In the previous issue of Regulation (Spring 2008), two articles were published on the issue of naked short selling and its effect in the marketplace. While there are points I could note on both articles, it bears mention that the first, "The...

Democracy, dictatorship, and polygamy.(BRIEFLY NOTED)
June 22, 2008... Some human societies are democratic; some are dictatorial. Therefore, our evolutionary background must be consistent with either form of government. Can this background tell us something about the basic structure of political power in a...

Fear and cloning.(BRIEFLY NOTED)(genetically engineered foods)
June 22, 2008... After six years of deliberation, last January the Food and Drug Administration finally--and rightly--concluded that food from cloned animals is safe and may be sold and consumed. This decision, which ended a "voluntary" moratorium on...

What's the emergency?(BRIEFLY NOTED)(emergency supplemental spending bills)
June 22, 2008... Rarely does a fiscal year pass without some type of emergency requiring a response from the federal government. When a disaster strikes, lawmakers need prompt access to federal funds, which is provided by the supplemental spending process. In...

Much ado about nothing? Despite the claims of opponents and supporters, changes in procedure seem to have little effect on the regulatory process.(REGULATORY REFORM)(rulemaking procedures )
June 22, 2008... [ILLUSTRATION OMITTED] Early last year, President Bush signed Executive Order 13422, implementing modifications to the review requirements for new federal regulations. EO 13422 follows previous orders signed by presidents Ronald Reagan and...

Designing cartels through censorship: legislatures want to say who is an "interior designer.".(REGULATORY REFORM)(interior design legislation)(occupational licensing laws)
June 22, 2008... Political economists from Adam Smith to Milton Friedman have noted the efforts of various business groups to pass occupational licensing laws, purportedly out of concern for the public's welfare. In his Fall 2006 Regulation article "A License...

The frontier of eminent domain: why aren't Kelo activists also incensed over natural resource development takings?(PROPERTY)
June 22, 2008... In 2005, the law of eminent domain captured the attention of the public at large. Suddenly, everyone cared about public use, takings, and the Fifth Amendment. As a result of the Supreme Court's decision in Kelo v. City of New London, the issue...

Bootleggers, Baptists, and televangelists: there's a new player in Yandle's classic dynamic.(LIABILITY)(master settlement agreement )(Cover story)
June 22, 2008... In 1998, 46 state attorneys general, together with a group of private attorneys, reached a Master Settlement Agreement with Philip Morris, R.J. Reynolds, Brown & Williamson, and Lorillard, the nation s four largest cigarette manufacturers. The...

The Pigou problem: it is difficult to calculate the right tax in a world of imperfect Coasian bargains.(ENVIRONMENT)(pigovian taxes)
June 22, 2008... In recent years, there has been a revival of interest in Pigovian taxation, especially for dealing with the problems of global warming and pollution. A number of prominent articles have variously argued for additional Pigovian taxes on...

Response to Nye: a Pigou tax on gasoline is robust to further considerations.(ENVIRONMENT)
June 22, 2008... John Rye reminds us of some important--and often neglected--principles of welfare economics for converting estimates of externalities into Pigovian tax recommendations. Most significant among these are: * Pigovian taxes are reduced when...

Can someone make a rational decision?(Can I Keep My Jersey?: 11 Teams, 5 Countries, and 4 Years in My Life as a Basketball Vagabond)(Book review)
June 22, 2008... CAN I KEEP MY JERSEY? 11 Teams, 5 Countries, and 4 Years in My Life as a Basketball Vagabond By Paul Shirley 336 pages; Villard, 2007 Paul Shirley is the rare professional athlete for whom a fan can feel a modicum of empathy. An...

Disappointing follow-up.(Code Red: An Economist Explains How to Revive the Healthcare System without Destroying It)(Book review)
June 22, 2008... CODE RED: An Economist Explains How to Revive the Healthcare System Without Destroying It By David Dranove 281 pages; Princeton University Press, 2008 In 2000, Northwestern University health economist David Dranove published The...

Sowell strikes again.(Economic Facts and Fallacies)(Book review)
June 22, 2008... ECONOMIC FACTS AND FALLACIES By Thomas Sowell 262 pages; Basic Books, 2008 [ILLUSTRATION OMITTED] Over his long and fruitful career, Thomas Sowell has been a steadfast opponent of the sort of sloppy, illogical thinking that...

A less oppressive paternalism.(Nudge: Improving Decisions About Health, Wealth, and Happiness)(Book review)
June 22, 2008... NUDGE: Improving Decisions about Health, Wealth, and Happiness By Richard H. Thaler and Cass R. Sunstein 304 pages; Yale University Press, 2008 In the last few years, much has been written about "libertarian paternalism," a fair...

Yet another pop econ book.(The Logic of Life: The Rational Economics of an Irrational World)(Book review)
June 22, 2008... THE LOGIC OF LIFE: The Rational Economics of an Irrational World By Tim Harford 272 pages; Random House, 2008 I have been a reader of books that attempt to popularize the discipline of Economics and expand the empire of issues that...

Energy interdependence.(Gusher of Lies: The Dangerous Delusions of Energy Independence)(Book review)
June 22, 2008... GUSHER OF LIES: The Dangerous Delusions of 'Energy Independence' By Robert Bryce 359 pages; Public Affairs, 2008 As part of the fall elections, candidates will claim to be vigorous supporters of "energy independence." They will...

Drop that flour!(THE FINAL WORD)(government inspectors and regulators)(Laws and regulations on the use and handling of hazardous materials )
June 22, 2008... Earlier this year, some of my green-leaning neighbors tried to hold a public "localvore" dinner consisting entirely of locally raised products. They soon hit a snag: the bread. Loaves don't just grow on trees, you know, so how to mop up the...