. The third studies the role of quality regulation and shows that systems competition may be a competition of laxity …

Regulation of economic activity is ubiquitous around the world, yet standard theories predict it should be rather … uncommon. I argue that the ubiquity of regulation is explained not so much by the failure of markets, or by asymmetric … accounts for the ubiquity of regulation, for its growth over time, as well as for the fact that contracts themselves are …

simple regulation -- a liquidity requirement -- that corrects such an externality by affecting the interest rate on the … with the existing literature, the necessity of regulation does not depend on exogenous incompleteness of markets for …

regulation. Guided by restrictive legislative mandates, regulatory policies often strike a quite different balance with an … policy efforts. Inadequate regulatory enforcement and behavioral responses to regulation may limit their effectiveness, while …

effectiveness and cost. Although theory and empirical evidence suggests there is potential for welfare-enhancing energy efficiency …

General Theory. The first is that there may be a continuum of steady state unemployment rates. The second is that beliefs …-fulfilling. The paper reconciles Keynesian economics with general equilibrium theory without invoking the assumption of frictions that …