Abstract

The economic theory of regulation is an application of the neo-classical theory, based on the paradigm of perfect competition and on the theoretical category of market failure. On the contrary, the normative theory of regulation assumes a more realistic interpretation of regulatory processes, strongly conditioned by interest groups and political factors. Furthermore, more recent economic literature, particularly Austrian School, has underlined the abstract nature of the theory of perfect competition and the uselessness of the category of market failure, which hasn't effective capacity to select the situations that require regulatory interventions. In fact, the characters of market failure situations are ubiquitous in economic processes because of the irrepressible factors of ignorance and time. For these reasons, the Regulatory Impact Analysis (RIA) can't be used to found on solid scientific basis the regulation of economic activities. The goals of RIA are less ambitious: not to improve the economically perfect regulation, but to recognise the main mistakes of regulator. The RIA processes have been to be built, coherently with these assumptions, as instrument to reduce the informational deficit that afflicts the regulators and the politicians and to sustain the deregulatory and reregulatory process.