S-Space College of Law/Law School (법과대학/대학원) The Law Research Institute (법학연구소) 법학 법학 Volume 49, Number 1/4 (2008)
경제규제행정법이론과 경제적 효율성
Administrative Law Theories on Economic Regulation and Economic Efficiency
- Issue Date
- 서울대학교 법학연구소
- 법학, Vol.49 No.4, pp. 647-682
- 경제규제행정법; 경제적 효율성; 공익이론; 포획이론; 스티글러/펠츠만 모델; 베커 모델; economic regulation; stigler/pelzman model; public interest; becker model
- The theories on economic regulation address the problem of how to establish
the rules on the redistribution of scarce resources in our society.
If we define the theories on economic regulation as such, then we have to
understand economic regulation in relation to the role of market system and
economic efficiency should be the main criterion to evaluate economic regulatory
There can be three categories of theories on economic regulation.
First, the Public Interest Theory explains that economic regulation is made in
the field of market failure to correct that failure.
Secondly, the Capture Theory explains that economic regulation is the outcome
of capture of legislators and regulatory agencies by the industry which is the
main object of regulation.
Those two theories have many empirical evidences which fit to the explanations
of each theory.
There are, however, also large amounts of other empirical evidences which do
not fit to the explanations of the two theories.
Moreover, those two theories lack the theoretical underpinnings.
In this sense, it is necessary to establish theory on economic regulation in the
perspective of economic analysis.
In this paper, I reviewed Stigler/Pelzman model and Becker model on economic
By reviewing the economic theories on economic regulation, I have tried to...