Six decades of efforts by federal agencies to regulate the natural gas industry in the U. S. have failed, says the author of this important book. Paul MacAvoy shows that no one has gained from public control of the natural gas industry, and he argues that all participants would gain from complete deregulation. For regulated and about-to-be-regulated industries, the costly history of gas regulation is a tale to heed well.
Six decades of efforts by federal agencies to regulate the natural gas industry in the U. S. have failed, says the author of this important book. Paul...
Three decades ago, federal policymakers--Republicans and Democrats--embarked on a general strategy of deregulation. In the electricity, gas delivery, and telecommunications industries, the strategy called for restructuring to separate production from transmission and distribution, followed by elimination of price controls. The expected results were lower prices and increased quality, reliability, and scope of services. Paul W. MacAvoy, an economist with forty years of experience in the regulatory field, here assesses the results and concludes that deregulation has failed to achieve any of...
Three decades ago, federal policymakers--Republicans and Democrats--embarked on a general strategy of deregulation. In the electricity, gas delivery, ...
Northeast Utilities Company adopted an ambitious new competitive strategy in the mid-1980s, seeking to become the low-cost supplier in New England electric power markets bracing for deregulation. Given its high-cost nuclear facilities, doing so required a corporate turnaround. For a decade Northeast faced increasing public and employee resistance to cost cutting at its nuclear plants. Though management achieved many of its goals, curtailing outlays on nuclear operations meant high risk that the Nuclear Regulatory Commission would close the plants because of frequent, prolonged outages....
Northeast Utilities Company adopted an ambitious new competitive strategy in the mid-1980s, seeking to become the low-cost supplier in New England ...
Named one of the 2003 books of the year in the Economist -A convincing explanation of why, despite all of the recent reforms in American corporate governance, there will probably be more firms that go the way of Enron.- In the last thirty years, there has been a gradual erosion in the abilities and responsibilities of corporate boards. In addition to the ethics scandals that have plagued companies both new and established over the last three years, a number of over-diversified, over-staffed companies experienced failures that might have been avoided had there been proper oversight on...
Named one of the 2003 books of the year in the Economist -A convincing explanation of why, despite all of the recent reforms in American corpor...
Since the mid-1980s two crises have overtaken governance of the American corporation - the loss of competitiveness in the 1980s and the loss of investor trust in financial management in the late 1990s. This book proposes specific changes in conduct to resolve these crises, principally by putting the board of directors in charge of management. This detailed analysis and critique of performance of current governance specifies reforms that will make that possible. The reforms are tightly connected to the authors' analysis of the causes of breakdowns in the largest corporations in which...
Since the mid-1980s two crises have overtaken governance of the American corporation - the loss of competitiveness in the 1980s and the loss of invest...
Work on this book began in the Spring of 1983, not long after an Amax Corporation annual budget meeting. As a member of the Amax board of directors since 1979, I had been present at such meetings in which the molybdenum price had been forecast to move higher than $7.00 per pound. The actual annual average prices were $9.70 in 1980, $8.50 in 1981, and $4.00 in 1982. The forecast for 1983 called for prices to return to higher levels, but as both dealer and producer prices declined further, my research began in earnest. Initially, the research was to address the question of why the molybdenum...
Work on this book began in the Spring of 1983, not long after an Amax Corporation annual budget meeting. As a member of the Amax board of directors si...
The book is divided into three major sections. The first presents a theoretical discussion that underlies the other essays. The second section deals with privatization issues from the perspective of the United States. The third describes research addressed to the U. K. and Canada. In the first chapter, Richard Zeckbauser and Murray Horn develop a wide-ranging theoretical framework for assessing the capabilities and role of state-owned enterprises; it provides a foundation for the analyses that follow. In The Control and Perfonnance o[ State-Owned Enterprises , they describe state-owned...
The book is divided into three major sections. The first presents a theoretical discussion that underlies the other essays. The second section deals w...
