Book Review:
Richard G. Morgan and James H. Holt, Measuring the Costs of Regulation (reviewing Paul M. MacAvoy's The Regulated Industries and the Economy), 59 Texas L. Rev. 3 (1981).
 

Abstract:
Morgan and Holt offer a critical review of Paul W. MacAvoy’s The Regulated Industries and the Economy, which they describe as an econometric analysis of the costs of governmental regulation. They concede that MacAvoy’s data and methodology are, and continue to be, characteristically sound and that his conclusions are carefully drawn. They praise his books opening sections, which include what they describe as a “good, brief review” of the history and development of regulation in America and a separate examination of the impact of two basic types of regulation: “classical price” and “entry” regulations. That said, their response to the text is prompted by their disagreement with his basic orientation, specifically his assumptions about how the “costs” of regulation manifest themselves and the ways in which he reaches his conclusions about the costs. In addition, they note that one of the fundamental premises upon which MacAvoy bases his conclusions-that “significant change in the way in which regulation operates is not very likely”- is already “dated.”