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At the turn of the 20th-century railroad regulation was hotly debated in the United States. Railways were accused of abusing of their monopolistic position, in particular by…
Abstract
At the turn of the 20th-century railroad regulation was hotly debated in the United States. Railways were accused of abusing of their monopolistic position, in particular by discriminating rates. Public opinion’s pressure for tighter regulation led to the 1906 enactment of the Hepburn Act, which strengthened the powers of the Interstate Commerce Commission. American economists actively participated in the debate. While most of them sided with the pro-regulation camp, the best economic analysis came from those who used the logic of modern law and economics to demonstrate how most railroads’ practices, including rate discrimination, were simply rational, pro-efficiency behavior. However, as relatively unknown Chicago University economist Hugo R. Meyer would discover, proposing that logic in public events could at that time cost you your academic career.
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Kazuaki Miyamoto, Surya Raj Acharya, Mohammed Abdul Aziz, Jean-Michel Cusset, Tien Fang Fwa, Haluk Gerçek, Ali S. Huzayyin, Bruce James, Hirokazu Kato, Hanh Dam Le, Sungwon Lee, Francisco J. Martinez, Dominique Mignot, Kazuaki Miyamoto, Janos Monigl, Antonio N. Musso, Fumihiko Nakamura, Jean-Pierre Nicolas, Omar Osman, Antonio Páez, Rodrigo Quijada, Wolfgang Schade, Yordphol Tanaboriboon, Micheal A. P. Taylor, Karl N. Vergel, Zhongzhen Yang and Rocco Zito