By Bronwen Morgan, Karen Yeung

In recent times, law has emerged as the most unique and critical fields of research within the social sciences, either for policy-makers and for students who require a theoretical framework that may be utilized to any social area. This well timed textbook presents a conceptual map of the sphere and an obtainable and significant creation to the topic. Morgan and Yeung set out a various and stimulating number of fabrics and provides them context with a entire and significant remark. through adopting an interdisciplinary strategy and emphasising the function of legislations in its broader social and political context, it is going to be a useful software for the coed coming to law for the 1st time. This truly dependent, academically rigorous name, with a contextualised standpoint, is vital studying for all scholars of the topic.

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Conclusion Before proceeding further, it may be helpful to identify how our approach relates to, yet differs from, approaches which other scholars of regulation have adopted. We are, as we stated earlier, hoping to reach both lawyers and non-lawyers, particularly those who are new to the field. However, we also seek to address readers who have some familiarity with the broad field of regulation. For lawyers with some exposure to the field, the idea of a ‘legal perspective’ on regulation may well evoke two particular strands of literature: the first about the administrative state, particularly analyses by public lawyers of the exercise of legal discretion by independent regulatory agencies; and the second concerning the role of courts and the growing juridification of regulation.

1 Welfare economics approaches The ‘economic version’ of public interest theory is probably the most well known. In simple terms, it suggests that regulation is a response to imperfections in the market known as ‘market failures’. Correction of market failures increases the community’s general welfare and is thus in the public interest. Correlatively, those who press for regulation in response to market failures are agents of the public interest. Market failures can be typically defined by categories of monopoly (and other anti-competitive behaviour), externalities, public goods and information asymmetries.

Competition-based approaches may be readily transposable in conceptual terms but, in practice, the absence of any overarching coercive source of authority seriously impedes their effective deployment. Thus voluntary or consensualbased techniques of regulation tend to be heavily relied upon, although these are often bolstered, albeit indirectly, by law’s coercive reach through the harnessing of supranational regulatory programme to binding international trade commitments. Sometimes the similarities are perhaps more striking than the shifts in emphasis.

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