As the renowned economist Axel Leijonhufvud aptly put it, market economy is a system of voluntary cooperation (a web of interconnected contracts). It is a reality of regulated contracts today, that the context and underlying realities keep changing. Long-term contracts related to facilities with the characteristics of infrastructure, mould the elements of regulation for such arrangements established by law and/or policy. In this backdrop, I shall present to you my perspectives on the interplay between “freedom to contract” with respect to long-term infrastructure contracts that are regulated.
Please click here to read the full article by Amit Kapur, published in Powerline.