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...

This chapter discusses the three themes of economics research on regulation. The first and oldest deals with market failures and the corrective actions that government can undertake to ameliorate them. The second examines the effects of regulatory policies and asks whether government...