Abstract
THIS study inquires into the effects of the FTC's regulation of false and misleading advertising. Skepticism about the effectiveness of this regulation is widespread. For example, a Congressional committee has described the regulation as "impotent."' A team of lawyers under the aegis of Ralph Nader has echoed that sentiment.2 The best that an American Bar Association panel could say was that "occasional successes" could not outweigh the "recurrent flaws of FTC enforcement."3 A noted legal scholar, who has cast doubt on the only "success" cited,4 wonders if a system of regulation without penalties can be effective but argues that this is probably for the best since there is no substantial problem worth regulating anyway.5 The authors of an industrial organization textbook think that there is a problem but damn by faint praise an enforcement mecha-
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