A book review of The Regulation Game: strategic use of the administrative process by Bruce M. Owen and Ronald Braeutigam
This review is addressed almost solely to the first chapter of Owen and Braeutigam's book, the portion believed to represent the primary intellectual contribution. In this chapter, the authors explore in an extremely preliminary fashion the implications of the use of the administrative procedures by which we conduct that peculiar form of activity we call "regulation." Their basic hypothesis is that the effects of these procedures are to delay adjustments called for by changes in underlying market conditions. The reviewer expresses considerable sympathy with this approach and urges that the ideas that Owen and Braeutigam express be subjected to widespread debate and systematic testing. He considers the "tests" contained in this book to be inadequate--as do the authors.