The Costs and Benefits of Regulation: Implications for Developing Countries |
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| Authors: | Guasch, J. Luis Hahn, Robert W. |
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| Affiliation: | J. Luis Guasch is lead economist for the Latin America and the Caribbean Regional Office and for the Development Economics Group at the World Bank and is professor of economics at the University of California, San Diego. Robert W. Hahn is director of the American Enterprise Institute (AEi)-Brookings Joint Center for Regulatory Studies, a resident scholar at AEI, and a research associate at the Kennedy School of Government, Harvard University. The authors thank Ed Campos, Michael Klein, Brian Levy, Joseph Stiglitz, and the referees for their helpful comments and Jonathan Siskin, Lisa Taber, and Fumie Yokota for their excellent research assistance. |
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| Abstract: | The literature on the benefits and costs of regulation demonstratesthat this issue can be explored systematically using standardeconomic analysis. It also shows that regulation can have asignificant adverse impact on economic growth. Specifically,regulation aimed at controlling prices and entry into marketsthat would otherwise be workably competitive is likely to reducegrowth and adversely affect the average standard of living.In addition, process regulation can impose a significant coston the economy. Nonetheless, social regulations may have significantnet benefits for the average consumer if designed judiciously. There are several policies developing countries might consideradopting to improve their general approach to regulation. Theappropriate regulatory tools and framework will depend on manyfactors, including bureaucratic expertise, resource availability,political constraints, and economic impacts. There is a generalneed to enhance the capability for evaluating regulation atthe local and national levels. |
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