Transparency and accountability are essential in regulatory processes from "summary" of The Economics of Regulation: Principles and Institutions: Economic principles by Alfred Edward Kahn
The principle that transparency and accountability are indispensable in regulatory processes is fundamental in ensuring the effectiveness and legitimacy of regulatory decisions. Transparency involves making information accessible to the public, stakeholders, and other interested parties. This openness allows for a better understanding of the rationale behind regulatory actions, thus fostering trust and confidence in the regulatory system. Accountability, on the other hand, refers to the obligation of regulatory authorities to justify their decisions and actions. This accountability can take various forms, such as reporting requirements, oversight mechanisms, or even legal sanctions for misconduct. By holding regulators accountable for their actions, stakeholders can ensure that regulatory decisions are made in the public interest and are not unduly influenced by special interests. The ...
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