Legal change, whether through legislation, regulation, or court decision, is a common phenomenon, and virtually all …

During the Progressive Era at the beginning of the 20th century, the United States replaced litigation by regulation as … enforcement strategy between litigation and regulation based on the idea that justice can be subverted with sufficient expenditure … environment of significant inequality of wealth and political power. The switch to regulation can then be seen as an efficient …

Despite evidence to the contrary, three common myths persist about federal regulations. The first myth is that many … regulations concern the environment, but in fact only a small minority of regulations are environmental. The second myth is that … most regulations contain quantitative estimates of costs or benefits. However, these quantitative estimates appear rarely …

bailouts are costly because they worsen incentives and thereby reduce welfare. We show that regulation in the form of limits on … undertake bailouts. In terms of the cyclical properties of regulation, we show that regulation should be tightest in aggregate …