Regulated Markets Are Slow to Handle Change
Original Report
Gowrisankaran, Langer and Reguant have an excellent paper, Energy Transitions in Regulated Markets (WP), in the latest AER. The basic idea is that regulation designed to prevent utilities from...
Gowrisankaran, Langer and Reguant have an excellent paper, Energy Transitions in Regulated Markets (WP), in the latest AER. The basic idea is that regulation designed to prevent utilities from building useless power plants can induce them to keep obsolete power plants. Some background. We regulated electric utilities under the theory that they were natural monopolies […] The post Regulated Markets Are Slow to Handle Change appeared first on Marginal REVOLUTION.
Glass House Analysis
Energy prices affect virtually every aspect of daily life—from commuting costs to heating bills to the price of groceries (which must be transported). For working families, energy represents one of the most volatile and impactful line items in their budgets. Energy policy decisions ripple through the economy, affecting everything from manufacturing competitiveness to household financial stress.
The implications extend beyond the immediate news cycle. Every economic development creates ripples that affect employment, prices, and opportunities in ways that may not be immediately visible but are deeply felt. By tracking these connections, we can better understand how the economy truly works—not as an abstract machine, but as a human system shaped by and shaping the lives of millions.
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