Excerpt from Feasible Alternatives for a National Oil Policy Administrative regulation on the other hand may bring about fast results, and in the case of national policy may be aimed toward equity, although the universality of the particular notion of equity may be a matter of dispute. In the process, however, administrative regulation will, more often than not, destroy the efficiency of the markets1 unless such action can effectively change the forces which shape the market supply and demand schedules.2 Since my topic is ...
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Excerpt from Feasible Alternatives for a National Oil Policy Administrative regulation on the other hand may bring about fast results, and in the case of national policy may be aimed toward equity, although the universality of the particular notion of equity may be a matter of dispute. In the process, however, administrative regulation will, more often than not, destroy the efficiency of the markets1 unless such action can effectively change the forces which shape the market supply and demand schedules.2 Since my topic is addressing national policy I will, unless otherwise qualify, refer to government regulation whenever the latter term is used from here on, although the arguments may be equally applicable to Other forms of regulation. In the case of oil we have seen governments impose taxes, restrict imports and institute multiple pricing schemes, in order to achieve some stated objective such as reduction in consumption, conservation of foreign exchange, equitable distribution of the burden imposed by the sudden and enormous price increases of oil after the events of 1973, or increase production. The results have been for the most part disappointing because the emphasis was predominantly on administrative regulation than on the underlying market forces. Instead of increasing the number of effective consumer options available, central regula tion for the most part reduced them. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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