chapter  9
24 Pages

Regulating Energy: Indicative Planning or Creeping Nationalization? V. KERRY SMITH

Rationale for government intervention. Efficiency motivesmicro and macro. The three Ps of regulation: principles, proce­ dures, and practice. Private market allocation of exhaustible resources. The old policy and the NEP. Price control inefficien­ cies. NEP misconceptions and implications for the future.