For a decade after the passage of the Second New Deal, political leaders and many important interest groups fiercely debated what procedural requirements, if any, should be imposed on the new regulatory agencies. This debate led eventually to the passage of the Administrative Procedures Act...

Risk, whether market or political, is an important determinant of private investment decisions. One important risk, subject to control by the government is the risk associated with the hold-up problem: governments can force utilities to shoulder burdensome taxes, to use input factors...