By W. Kip Viscusi, John M. Vernon
A considerably revised and up-to-date re-creation of the major textual content on company and govt, with new fabric reflecting contemporary theoretical and methodological advances; contains additional assurance of the Microsoft antitrust case, the deregulation of telecommunications and electrical energy, and new environmental rules.
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Extra resources for Economics of Regulation and Antitrust
2. S. Office of Management and Budget, Regulatory Program of the United States Government. S. Government Printing Office, 1988), p. 20. 16 Chapter 2 Being innovative does not necessarily imply that these innovations are beneficial, but there is a benefit that other states derive from these experiments, since they can see which regulatory experiments work and which ones do not. Experimentation at the local level will generally be less costly than at the national level, should the regulatory experiments prove to be a mistake.
The OMB has the authority to review this regulatory program, where the intent of this review is to identify potential overlaps among agencies, to become aware of particularly controversial regulatory policies that are being developed, and to screen out regulations that appear to be particularly undesirable. For the most part, these reviews have very little effect on the regulations that the agency pursues, but they do serve an informational role in terms of alerting the OMB to potential interagency conflicts.
In particular, it can attempt to circumvent the OMB review by making an appeal to the president, or to the vice president if he has been delegated authority for this class of regulatory issues. After receiving OMB approval, the agency can publish the NPRM in the Federal Register. This publication is the official outlet for providing the text of all proposed and actual regulatory policies, as well as other official government actions. As a consequence, it serves as a mechanism for disseminating to the public the nature of the regulatory proposal and the rationale for it.
Economics of Regulation and Antitrust by W. Kip Viscusi, John M. Vernon