The Disinterest in Deregulation: Reply
回应了Bell对作者1984年论文的批评，指出放松管制后，专门用于寻租活动的人力资本（如律师）价值会下降，导致社会成本增加，且这种成本在短期内显著。
Our paper in this Review (1984) aroused a controversy we did not anticipate, but no one has yet convinced us that our basic point is wrong. Joe Bell (1988, p. 282) now makes the assertion that our conclusion rests entirely upon unexplained asymmetries in mobility. This seems to us a very curious assertion indeed. The main problem with Bell's analysis is that he treats investment in capital assets as perfectly malleable. A lawyer trained to argue rate cases is not perfectly suited for other jobs when electric utility deregulation occurs. The time and effort spent by the lawyer to acquire the requisite skills are irretrievably lost. This is the point of our paper. Even though future labor can be supplied by this lawyer after deregulation, it definitionally has a lower value. Lawyering before a regulatory commission is a specialized input. When the demand for these services falls, the capital value of the intensive and extensive investments vanish. No asymmetry is implied or required. More generally, capital consumed in using the political process to secure a wealth transfer-the resources devoted to organizing coalitions, investing in lobbying activities, contributing to political campaigns, advertising a point of view, acquiring the stock of human capital necessary for dealing with regulatory bureaucracies, and so onreduces the wealth of society in opportunitycost terms. For the reasons just stated, the cost of obtaining additional output in the regulated industry following deregulation is higher. We also pointed out that the increase in marginal costs due to what Bell calls resource immobility may only be a short-term phenomenon: Over time, resources in the [deregulated] industry will adapt to the new competitive environment, and new resources coming into the industry will embody the r quisite skills for working in a competitive rather than a government-sponsored sector. Thus, after the relevant adjustment period, marginal costs in the deregulated sector may decline, but it is simply wrong to suppose that deregulation enables the capital value of resources specializing in rent-seeking activities to be used again in the production of goods. Anyway, in present-value terms it does not take very long for this adjustment process to impose significant costs on the economy. This point is covered in fn. 7 in our original paper.