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1 - Introduction to Economics

from Part I - Foundations

Published online by Cambridge University Press:  22 November 2024

Karen Yeung  and
Sofia Ranchordás
Karen Yeung
Affiliation:
University of Birmingham
Sofia Ranchordás
Affiliation:
Tilburg University, The Netherlands
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Summary

Economics is a central science to the understanding of regulation. Regulatory economics focuses on economic concepts that are relevant in regulatory contexts. Chapter 1 introduces key concepts of economics and regulatory economics, referring to a branch of social sciences concerned with how society chooses to employ its scarce resources to produce goods and services. This chapter offers a brief discussion of economic concepts that have shaped regulation (e.g., monopoly, market failures). It also discusses behavioral economics, the commons, and principal-agent theory.

Keywords

regulatory economicsmonopolymarket failuresinformation asymmetriesbehavioral economiestransaction costsexternalitiesprincipal-agent theorypublic goodsefficiency
Type
Chapter
Information
An Introduction to Law and Regulation
Text and Materials
 , pp. 17 - 40
Publisher: Cambridge University Press
Print publication year: 2024

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