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It's roundup time for the runaway regulators.

T Alexander

    Fortune
    |November 10, 1979
    PubMed
    Summary
    This summary is machine-generated.

    Government regulation of business faces scrutiny due to economic impacts like low productivity and innovation. Proposed reforms include legislative veto and sunset approaches to enhance oversight and reduce regulatory burdens.

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    Area of Science:

    • Economics
    • Public Policy
    • Business Administration

    Background:

    • Governmental regulation of business practices is increasingly recognized as a significant concern.
    • Excessive regulation is blamed by economists for negative economic outcomes including low productivity, reduced innovation, inflation, unemployment, and shortages.
    • Specific agency actions, such as the Federal Trade Commission's (FTC) proposed extension of control over industry standards and the Federal Drug Administration's (FDA) stringent rules, have drawn criticism.

    Purpose of the Study:

    • To review problems caused by governmental regulation of business practices.
    • To consider current efforts aimed at decreasing regulatory intervention.
    • To explore proposed reforms for enhancing regulatory oversight and accountability.

    Main Methods:

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    • Review of existing literature and analysis of governmental actions and proposals.
    • Examination of economic arguments linking regulation to productivity and innovation.
    • Analysis of proposed congressional reforms, including the legislative veto and sunset approach.
    • Consideration of recommendations from studies, such as the American Bar Association (ABA) report.

    Main Results:

    • Stringent FDA regulations have led to a decline in new drug introductions.
    • Voter dissatisfaction is evident, partly due to regulatory actions like the FDA's stance on saccharine.
    • Congress is considering reforms to strengthen oversight, with the House favoring a legislative veto and the Senate a sunset approach.
    • The ABA study highlights the cost of creating new agencies and recommends cost-benefit analyses for proposed rulings.

    Conclusions:

    • Regulatory reform is a pressing issue, with growing acknowledgment of its economic impact.
    • Proposed reforms aim to increase political accountability and reduce regulatory burdens.
    • Increased reliance on the competitive market, as recommended by the ABA, is crucial for effective regulatory reform.