Regulatory Reform, or………Wreck you Sooner than Later Reform?
Regulatory Reform, or………Wreck you Sooner than Later Reform? Ganga Prasad Rao Energy, Environmental and Mineral Economist gprasadrao@hotmail.com gangaprasad.rao@gmail.com Disclaimer : The author makes no claims to factuality of the contents, or the outcomes of designs elaborated in this column. Regulatory Reform is an oft-heard cliche in political circles, and among economists, investors and bankers. (One almost immediately suspects a conspiracy amongst them...or, is that being too intrusive?) Textbook regulatory reform is all about enhancing the efficiency of regulations - existing, under revision, proposed, and prospective, of maximizing net benefits, ie, incremental benefits net of incremental costs, about internalizing externalities - non-pecuniary and pecuniary, and reducing policy uncertainty. But reality is as much distanced from theory as politics is from truth. Regulatory reform has turned in to a catch-phrase, even a catch-all for unholy intentions of PV-capitalists, whether w