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1 [i] (1980)

handle is hein.amenin/aeiabch0001 and id is 1 raw text is: The Decline of Service in the Regulated Industries, by Andrew S. Carron and Paul W. MacAvoy, is a survey and appraisal of recent regulatory experience in five industries-electric utilities, natural gas disribution, telephone servie, airlines., and railroads. The authors advance a theory of regulatory mismanagement that led to reduced leveIs of service in the 1970s, Before 1965 regulatory conmissions permitted the higher profit margins that flowed from rapidly in- creasing productivity to be used for more and better service for various groups of consumers. But the failure of regulatory bodies to allow prices to increase with inflated costs after 1965 led to reduced service quality. Slower productivity growth and accelerating inflation in this adverse regulatory climate resulted in reduced investment and slower growth of capacity. Recent improvements in regulatory practice may ameliorate these undeixabie effects. Even so, attain- ment of satisfactory performance in the future will depend on further adiustments in the regulatory process to an :inflationary economic climate. Andrew S. Carron cis a research associate in Ihe Economic Studies Program at the Brookings Institution. Paul W. MacAvoy is Milton Steinbach Professor of Organization and Management and Econom- ics at Yale University and an adjunct scholar of the American En- erprise linstitute' L BN 0---.847-3417-9 US S12.00 I HN I -! 9 'I8 0 8 H 4 i1? 0 I SB N 10 70 8 4 7 34 1 ,- 9 713,14 4 7 3417 9 te 1 A c.ran Enterprise intitute for Public Policy Research I50 Seen.teen t Street, N ,V., Washington. D.C. 20036

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