In a new paper published by the Mercatus Center at George Mason University, economist Dima Yazji Shamoun and toxicologist Edward J. Calabrese show that shifting the debate to process objectivity would allow better evaluation of risk assessments. In doing so, the paper draws from the government’s own guidance for best practices for performing risk assessments. This paper provides a crucial first step toward enabling those who monitor regulatory agencies to hold them to those practices.
This paper describes a series of questions and procedures to be followed by congressional staff in analyzing and preparing for a hearing on the budget of an agency. The items outlined in this paper are general principles and can be used to examine most agency budgets. For purposes of illustration, however, the paper uses the FDA, an agency within the Department of Health and Human Services (HHS), as an example.
My three-part message today is this. First, Congress should treat the budget process as a means, not an end, and enact reforms accordingly. Second, given the fiscal challenges facing the country, now is not the time for minor tweaking. Instead, now is the time to think big and craft a process that drives legislators to produce credible and sustainable fiscal policy by constraining federal spending both today and tomorrow. Third, any reform should include effective enforcement mechanisms, preferably constitutional in nature, to prevent the new process from suffering the same fate as the current one.
The US Export-Import Bank (Ex-Im Bank) is a government credit agency that provides tax- payer-backed financing to private exporting businesses. An increasing body of evidence shows that the Ex-Im Bank provides subsidized financing to big businesses at the expense of smaller businesses and taxpayers while doing little to promote exports, create jobs, or improve competitiveness of US firms. Removing this source of government-granted privilege can only help US exporters.
The following chart shows projected revenues and spending under the president’s proposal according to the new figures provided by the MSR. The first graph displays the data in dollar amounts while the second shows revenues and spending as a share of the economy (GDP).
A new paper published by the Mercatus Center at George Mason University explores several con- crete examples of how technology is helping to reduce market deficiencies, dealing a blow to demands for government regulation. The political pressure to increase regulations in fields as diverse as environmental policy and consumer protection ignores the evidence that advancing technology is providing customers and entrepreneurs with the knowledge and tools to solve problems without government intervention.
Among its four principal financial products, the Export-Import Bank has provided “working capital” loans and loan guarantees that assure repayment to private lenders in the event a borrower defaults. According to bank officials, this form of subsidized financing “primarily” benefits small business. In a July 16 letter to Sen. Marco Rubio and others, Ex-Im president Fred Hochberg characterized the bank’s working capital financing as “issued to mostly small businesses.”…
In a new study for the Mercatus Center at George Mason University, economist Steven Horwitz examines several government policies and concludes that regulations and taxes prevent upward mobility by burdening the poor more heavily than those who are better off. Many of these regulations and taxes are products of the private interests of current producers who stand to benefit from government encroachment into business.
Increasingly, states are deeply divided on central questions of national politics and policy. The divide is often viewed as a lamentable and perhaps dangerous form of political “polarization.” But those fears are exaggerated. In fact, the divide between and among the states offers an opportunity to reform federalism on a constitutional basis.
RegData, an online interactive tool, allows us to quantify the regulatory surge of Dodd-Frank in context. By analyzing the text of regulations and counting the words and phrases that signify a mandatory or prohibited activity—such as shall, must, may not, prohibited, and required—RegData gives a more meaningful measure of regulation than simply counting the number of new rules created or the number of pages added to the Federal Register.
Earlier in July, Eurozone finance ministers agreed in principle to bailout Greece after the country implemented new economic reforms and help it recover from its massive financial crisis.
While the unemployment rate overall has hovered around 25% in Greece, Millennials have been hit hardest where one in two are unemployed.
Why should millennials care about what's going on in Greece? Scott Sumner, Director of the Program on Monetary Policy at the Mercatus Center at George Mason University, believes that Greece is just an extreme example of what happened here in the United States.
Luigi Zingales, one of the world’s foremost thinkers on financial development and capitalism, will join Tyler Cowen for a conversation about the policies that will shape capitalism moving into the future.
This book presents 17 oral histories of Hurricane Katrina survivors from four diverse New Orleans communities. The oral histories explore how these individuals, families, and communities began to rebuild after the devastation.