Translating Principles Into Practice in Regulation Theory

Regulators must understand basic principles of regulation, to explain with credibility their decissions, to asess the universality of the proposals, to develop new solutions, etc. For the relevance of economic theory, economists must fight to include in their frameworks enough constraints, as regulators face in practice, including technology constraints, even informational constraints, bureaucratic and political ones. Debates on regulation are turning around the world more important, defining the discussion frontier about the role of government in the economy.