Paul L. Joskow

Paul L. Joskow is Professor of Economics at MIT.

  • Markets for Power

    Markets for Power

    An Analysis of Electric Utility Deregulation

    Paul L. Joskow and Richard Schmalensee

    This timely study evaluates four generic proposals for allowing free market forces to replace government regulation in the electric power industry and concludes that none of the deregulation alternatives considered represents a panacea for the performance failures associated with things as they are now. It proposes a balanced program of regulatory reform and deregulation that promises to improve industry performance in the short run, resolve uncertainties about the costs and benefits of deregulation, and positions the industry for more extensive deregulation in the long run should interim experimentation with deregulation, structural, and regulatory reforms make it desirable. The book integrates modern microeconomic theory with a comprehensive analysis of the economic, technical, and institutional characteristics of modern electrical power systems. It emphasizes that casual analogies to successful deregulation efforts in other sectors of the economy are an inadequate and potentially misleading basis for public policy in the electric power industry, which has economic and technical characteristics that are quite different from those in other deregulated industries.

    • Hardcover $32.50
    • Paperback $35.00
  • Controlling Hospital Costs

    Controlling Hospital Costs

    The Role of Government Regulation

    Paul L. Joskow

    In this book, economist Paul Joskow explores the reasons for these increasing costs, the burdens of excessive hospital expenditures on the economy; and the government's role in reducing them and eliminating inefficiencies that plague the system.

    The growing public concern over rapidly rising health care costs, particularly hospital care, is understandable, with direct and indirect expenditures now amounting to about $100 billion each year. In this book, economist Paul Joskow explores the reasons for these increasing costs, the burdens of excessive hospital expenditures on the economy; and the government's role in reducing them and eliminating inefficiencies that plague the system.

    • Hardcover $37.50
    • Paperback $25.00