http://repub.eur.nl/res/concept/jel-L43/ Recent publications classified by JEL Code L43 en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/34870/ 2012-05-11T00:00:00Z Abstract. In his Farewell Lecture, referring to the statement “Nothing is as practical as good theory”, Professor Van Den Bosch elaborates on developing “good” Management Theory and its practical application to business and society. Management is likely to be the most valuable resource of goal-oriented organizations. However, nowadays in the media and in public debate the diminishing legitimacy of managers is coming under discussion. This raises the challenging question: are managers losing their societal legitimacy? If this is the case, the second question arises: how can a more solid theoretical foundation of Management contribute to new insights in terms of its role – as an alternative to the Market – as a coordinating mechanism for creating value for business and society? Regarding both questions, the following four scientific challenges are addressed. First, the case is made that a managerial perspective on Research into Management is required. Second, taking a context-neutral approach in defining Management, it is proposed to focus on generic core activities of Management. Third, it is suggested that the creation of strategic value for society should be defined as the purpose of Management of organizations. Fourth, based on recent contributions to the literature, the importance for practice of strategic value creating Management Models are discussed, including a current appli - cation in the context of Shared Value Creation. Finally, the problems and challenges of changing the Management Model of an organization, i.e. Management Innovation, are highlighted. The lecture is concluded with four recommendations. These recommen - dations are directed to scientists in the field of Research in Management, to Schools of Management, to the practice of Management, and to governmental and regulatory agencies. These agencies have to look after Management Models and their strategic value creation for society. In the context of the present financial and economic crisis, it is recommended these agencies have to consider correcting not only the “Invisible Hand” of the Market, but also paying due attention to its close connection with the “Visible Hand” of Management. Bosch, F.A.J. van den http://repub.eur.nl/res/pub/34855/ 2011-08-31T00:00:00Z Abstract This chapter provides a general framework to analyze regulation with a law and economics approach. It introduces the volume “Regulation and Economics” of the second edition of the Encyclopedia of Law and Economics. This study intends to provide a state-of-the-art overview of regulatory economics. The editors review the traditional classifications and theories of social and economic regulation, emphasizing the limitations of these distinctions particularly in the perspective of the choice between liability and regulation. The chapter discusses both the public and the private interest theories of regulation and how they interact in various regulatory domains. The latter are divided in four categories: social regulation; regulation of public utilities; regulation of non-natural-monopolies, and regulation of professions. This introduction also summarizes the main findings of the 17 chapters on regulation included in the volume. The overall conclusion is that regulation involves a number of sector-specific issues. It is no longer possible to distinguish forms of regulation depending on the kind of market failure they are supposed to address, because in virtually every field regulation has to cope simultaneously with multiple market failures. The implication of this finding is twofold. On the one hand, the ability of regulation to effectively improve on market failure is impaired by the vested interests created by regulation. On the other hand, the actual outcomes of regulated markets depart significantly from the idealized world of perfect competition. The ‘Nirvana fallacy’ that still pervades the academic and the policy debate depends on the failure to acknowledge these circumstances. Pacces, A.M. Bergh, R.J. van den