The Controversial World Of


For both reasons—mediocre personnel and the trade-off between efficiency and due process—”regulatory reform” will very likely persist as a perennial issue in American politics. Regulation will continue to be variously perceived by different constituencies, each with its own definition of “the public interest.” As in so many other ways throughout American economic history, the electorate will continue to encounter problems that force it to choose between a full hearing and substantial just ice for all, on t he one hand; and on the other, economic efficiency, which necessitates injuring some parties in order to help others judged more important to the well-being of society. Regulators themselves will continue to try to serve so many masters—legal, economic, political, cultural—that they can serve none of them very well.