This course addresses two basic questions: What is regulation; and why do we do it? Both of these questions will be critically analysed from three perspectives: legal, economic and political. From the legal lens, we will examine regulators as a creature of statute, exercising executive (not judicial) authority; the process of regulatory decision making; adjudication and policy making (rules and codes); and judicial oversight of and deference towards regulatory bodies. From the economic perspective, we will focus on market failure as the need for and extent of regulation; regulation as a form of public finance; and Regulatory agencies and the "capture" theory. From the political perspective, we will hone in on the challenge of defining regulation and its forms; the creation of the "regulatory state"; and the creation and oversight of quasi-independent agencies and their policy instruments.

September 12, 19, 26; October 3, 10, 17, 24, 31; November 7, 14, 21, 28 (Tuesdays 7PM-10)