Spanish Abstract: Este artículo analiza la actividad regulatoria y sus motivaciones considerando algunos conceptos de la nueva economía institucional. La elaboración de mejores marcos regulatorios da legitimidad a la acción del Estado. Sin embargo, dicha legitimidad solo se logra cuando esos...

Adam Smith held that needs comprise, “not only those things which nature, but those things which the established rules of decency have rendered necessary”. In other words, they are socially determined. Needs are not independent of the budget constraints faced by each society. As economic...