Applying benefit-cost analysis in the White House regulatory oversight process served as a basic mission of the Council on Wage and Price Stability (CWPS) during its seven-year lifespan (1974–1981). This paper reviews that CWPS experience, which involved filing comments in over 300 proceedings at more than 25 federal regulatory agencies.
What are the economic justifications for government intervention in the economy? In a market economy, prices coordinate the activities of buyers and sellers and convey information about the strength of consumer demand for a good and the costs of supplying it. Because trade is voluntary, buyers and sellers only make exchanges when both parties benefit. Under ideal market conditions, this process leads to an efficient allocation of goods without government intervention.
Occupational licensing is a major burden on economic liberty. It raises prices, restricts consumer choice, and deprives countless Americans of their right to earn a living for themselves and their families—often for no better reason than to enrich existing, politically influential firms. Among the worst of such abuses is the certificate of public convenience and necessity law, which does not even purport to protect the consumer against dangerous business practices or against incompetent or dishonest practitioners, but is explicitly designed to prevent economic competition.
This paper proposes that generic cancer risk assessments be based on the integration of the Linear Non-Threshold (LNT) and hormetic dose–responses since optimal hormetic beneficial responses are estimated to occur at the dose associated with a 10−4 risk level based on the use of a LNT model as applied to animal cancer studies.
According to the model presented in this paper, the ACA’s incentives and ultimately its behavioral effects will vary substantially across groups, with the elderly experiencing hardly any new incentives and female workers being most likely to cut their work schedules to 29 hours per week.
When market circumstances change dramatically — or when new technology or competition alleviates the need for regulation — then public policy should evolve and adapt to accommodate these realities. This paper concludes with some proposals for further research in this area, and a call for a more informed regulatory approach that accounts for the innovations of the sharing economy.
We present a short history of the Virginia School of Political Economy in its institutional settings of University of Virginia (UVA), Virginia Polytechnic Institute and State University, or Virginia Tech (VPI), and George Mason University (GMU). We discuss the original research and educational project as envisioned by Buchanan at UVA, its maturity into a normal science at VPI, and its continuation at GMU.
The real issues should not be lost in the noise. Are people sharing? Not always. But, then again, that really isn’t what the sharing economy is about. Instead, they are benefitting from mutually beneficial interactions that would not be possible without the sharing economy’s platforms.
This paper highlights some of the opportunities presented by the rise of the so-called “Internet of Things” and wearable technology in particular, and encourages policymakers to allow these technologies to develop in a relatively unabated fashion. As with other new and highly disruptive digital technologies, however, the Internet of Things and wearable tech will challenge existing social, economic, and legal norms.
The sharing economy of today must be allowed to compete with and challenge the business models of the past. And – just as important – tomorrow’s innovators must be able to challenge today’s upstarts, who will soon enough be the incumbents.
The F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics hosts a consideration of “The Continuing Relevance of Hayek’s The Constitution of Liberty” with remarks by eminent legal scholar Richard Epstein, the Laurence A. Tisch Professor of Law and Director of the Classical Liberal Institute at New York University School of Law.
The Mercatus Center at George Mason University invites you to join Dr. Bruce Yandle, distinguished Mercatus Center adjunct professor of economics at George Mason University, for a Capitol Hill Campus presentation on the state of the domestic and global economy.
In a new set of essays commissioned by the Mercatus Center at George Mason University, seven leading policy experts share innovative ideas on how to solve the pre-existing condition challenge. While their approaches exhibit differences as well as similarities, they are unified in their pursuit of a humane, equitable, fiscally sustainable solution to a conundrum that has driven and strained the entire post–World War II healthcare debate.