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From Regulation to Deregulation and (Perhaps) Back: A Peculiar Continuity in the Analytical Framework

Author

Listed:
  • McColloch, William

    (Keene State College)

  • Vernengo, Matías

    (Bucknell University)

Abstract

The rise of the regulatory state during the Gilded Age was closely associated with the development of Institutionalist ideas in American academia. In their analysis of the emergent regulatory environment, Institutionalists like John Commons opera-ted with a fundamentally marginalist theory of value and distribution. This engagement is a central explanation for the ul-timate ascendancy of neoclassical economics, and the limitations of the regulatory environment that emerged in the Progres-sive Era. The eventual rise of the Chicago School and its deregulatory ambitions did constitute a rupture, but one achieved without rejecting preceding conceptions of competition and value. The substantial compatibility of the view of markets underlying both the regulatory and deregulatory periods is stressed, casting doubt about the transformative potential of the resurgent regulatory impulse in the New Gilded Age.

Suggested Citation

  • McColloch, William & Vernengo, Matías, 2020. "From Regulation to Deregulation and (Perhaps) Back: A Peculiar Continuity in the Analytical Framework," Centro Sraffa Working Papers CSWP46, Centro di Ricerche e Documentazione "Piero Sraffa".
    • Handle: RePEc:ris:sraffa:0046
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    More about this item

    Keywords

    John Commons; George Stigler; Regulatory Capture; Deregulation;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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