The central theme of Regulatory Law and Policy is the concept that the practice of regulatory law involves the interrelationship of law, policy analysis, and politics. While the legal limits of regulation are explored in many law school courses, this book emphasizes policy analysis and politics. Part I explores government regulation and examines the contextual background of the regulatory state. Parts II and III examine various economic and social justifications for government regulation. In the third edition, the authors retain the original focus of the book but reflect the important legal and policy developments that have occurred since the last edition, including: the fate of the Telecommunications Act of 1996; the collapse of the airline industry; new farm subsidy legislation; the fate of the 1996 welfare reform legislation; the No Child Left Behind Act of 2001, reforming federal educational support; and significant new Supreme Court cases, especially those involving takings law and commercial free speech.