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This volume explores how Texas's groundbreaking program of electricity restructuring has become a model for truly competitive energy markets in the United States. The authors contend that restructuring in Texas has been successful because the industry is free from federal over...
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The electric utility industry in the US is technologically complex, and its structure as a classic network industry makes it intricate in business terms as well, so deregulation of such a complicated industry was a particularly detailed process. Steve Isser provides a detailed and comprehensive analysis of the history of the transformation of this complex industry from the 1978 Energy Policy Act to the present, covering the economic, legal, regulatory, and political issues and controversies in the transition from regulated utilities to competitive electricity markets. The book is a multidisciplinary study that includes a comprehensive review of the economic literature on electricity markets, the political environment of electricity policymaking, administrative and regulatory rulemaking, and the federal case law that restrained state and federal regulation of electricity. Isser offers a valuable case study of the pitfalls and problems associated with the deregulation of a complex network industry.
Michigan at the Millennium provides objective background and analysis on a wide variety of key economic and fiscal issues. The chapters are written by economists and policy analysts at leading universities and other institutions in Michigan. Written in clear, non-technical language, the articles are aimed at an audience that includes members of the legislative and executive branches of state government, members of the judicial system, local government officials, policy analysts, and informed citizens. This volume follows in the tradition of the landmark 1982 study, Michigan's Fiscal and Economic Structure, edited by Harvey E. Brazer. The first section of the volume focuses on broad aspects of the economy, people, and land of Michigan, including chapters on demographics, the labor force, land use, the manufacturing sector, high-technology industries, and health care. Section two focuses on public expenditures and public services, and includes chapters on economic-development efforts, K-12 education, the transportation system, the welfare system, policies for low-wage workers and displaced workers, and pensions. The third section is concerned with taxes and other government revenues. It includes chapters on the Headlee Amendment, income taxes, sales and use taxes, property taxes, the Single Business Tax, intergovernmental fiscal relations, and other sources of revenue.
State and Local Finances under Pressure explores the future of state and local government fiscal systems given the numerous pressures they face from economic, legal, technological, demographic and political forces. It explores how these multiple forces play out in terms of the changes state and local governments should and are likely to make. The contributors argue that state and local governments must make substantial changes and that failure to act is likely to result in adverse effects and increasing pressures for modifications that are more difficult to implement and more politically unpalatable. Without reform, state and local fiscal systems will grow increasingly out of sync with economic reality. The authors suggest that government responses are likely to be evolutionary, but that in 25 years the recorded changes will be substantial. The first chapter provides a historic perspective of state and local fiscal trends. Each of the subsequent chapters describes the nature of one of the pressures state and local governments face including: political and legal forces, globalization of business, demographic and technological changes, deregulation of utilities, and urban sprawl. Policymakers, economists, political scientists, fiscal policy analysts and public administrators will find this comprehensive book of interest.