Rethinking Market Regulation

“Rethinking Market Regulation is a timely and much needed rebuttal to the economic analysis that has justified decades of corporate outsourcing of millions of jobs and the legitimization of massive executive compensation in our country during hard times for many employees. Drobak, contrary to Wall Street Myth, fervently believes greed is not good and urges several thoughtful proposals for change, notably including adding labor representation tocorporate boards and creating a new Federal review board for mergers to assess the expected displacement of labor. This is a stellar work that deserves the widest possible readership.” – Joel Seligman, PresidentEmeritus and University Professor, University of Rochester, Dean Emeritus and Professor, Washington University School of Law”Rethinking Market Regulation tells a challenging story about labor markets. A legal scholar and a long-term intellectual partner to Douglass North, the author undercuts the ongoing economic narrative about the benefits of the so-called workforce flexibility and the presumably ‘intractable’ rigidities introduced by labor regulations. His interpretation provides substantial food for thought about the ongoing divisions of American society and, moregenerally, about rising populism everywhere.” – Claude Ménard, Professor of Economics, Centre d’Economie de la Sorbonne”In this extremely valuable and insightful book, John Drobak dismantles the many economic myths that have prevented America from moving toward a more socially just society. Rethinking Market Regulation provides a critical refutation of past orthodox thinking and policies, delivering a much-needed blueprint for where we need to be heading in the future.” – Mark R. Rank, Herbert S. Hadley Professor of Social Welfare, Washington University in St. Louis”In this thought-provoking book, John Drobak invites us to take a new look at markets and regulation, by challenging many of the standard assumptions made by economists. Perhaps Drobak’s biggest idea rests on citizen/voter beliefs about the market. If a large portion of Americans become disillusioned with markets because they believe markets work only for the rich, then it risks a political backlash. This is a recipe for populism and anti-market policies.” –Barry R. Weingast, Ward C. Krebs Family Professor of Political Science, Stanford University

John N. Drobak is George A. Madill Professor of Law in the School of Law and Professor of Economics in Arts & Sciences, both positions at Washington University. Since joining the department in 1979, Professor Drobak has been named Law School Teacher of the Year on numerous occasions. In 2000, he was honored by Washington University with its Distinguished Faculty Award.

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