How To Think About Regulatory Reform
- Regulations impose enormous costs on the economy.
- While there are economic, health, safety, environmental, and other benefits to regulating the economy, many regulations stifle innovation and competition.
- To regulate efficiently, we need to independently analyze both the benefits and the costs of proposed regulations before they go into effect.
- Once regulations are implemented, we need to measure and track their impact periodically to reevaluate them.
- A rigorous implementation of independent cost-benefit analysis is challenging, but would go a long way in making government more efficient and effective.