The Quality of Regulation. The Myth and Reality of Good Regulation Tools

The objective of this paper is to introduce the main tools used to manage the flow and the stock of regulation with special attention to those based on economic analysis, their advantages and weak points, the consequences of their use in public sector organization, procedures and, in general, in the relationship between regulators and their targets. Discussion is also devoted to conditions for improving their efficacy, since the tools need to be used selectively, and require an agenda-setting phase as well as periodic retrospective analysis of existing rules as used in the whole regulation life cycle. Therefore, it is crucial to understand what these good regulation tools are really intended for, and to avoid their over or under-evaluation, both of which could be influential in reforms made partially or in name only. At the same time, their limits could incentivize the search for innovative solutions, such as a special attention to the real needs and behaviour of people in the design of new regulation, as well as in its measurement and reform