We assess the effects of both regulatory changes on railroad safety with the use of RegData and find that partial economic deregulation is associated with improved safety. Safety regulation was most closely associated with improved railroad safety during the period when economic regulation curtailed railroads’ incentives to operate safely.
Married women in the early nineteenth century United States were not permitted to own property, enter into contracts without their husband’s permission, or stand in court as independent persons. By the dawn of the twentieth century, legal reform in nearly every state had removed these restrictions by extending formal legal and economic rights to married women. Legal reform being by nature a public good with dispersed benefits, what forces impelled legislators to undertake the costs of action?
This paper proposes a new cancer risk assessment strategy and methodology that optimizes population-based responses by yielding the lowest disease/tumor incidence across the entire dose continuum. The authors argue that the optimization can be achieved by integrating two seemingly conflicting models; i.e., the linear no-threshold (LNT) and hormetic dose–response models.
A successful president, e.g., one who can be reelected or help to pave the way for the party in the next election, must find ways to steer bureau activities in his preferred direction while delivering on regulatory promises made in the process of being elected. Our review of all empirical work on White House review as well as our own institutional and statistical findings yield strong support to the notion that the review process provides opportunities to make presidential preferences operational.
At least 70 percent of the recent slowdown in healthcare spending can likely be explained by long-standing patterns in healthcare spending related to changes in income, insurance, and provider market characteristics.
The U.S. welfare state is rushing toward a fiscal cliff. Without a dramatic cut in government spending or a steep increase in taxes, the nation’s massive indebtedness will spark a fiscal crisis likely to force citizens and politicians to reassess the government’s role in the economy and to consider free-market, civil-society-based alternatives.
This article proceeds as follows. First, we describe the problem of rising costs in higher education. Second, we consider the array of potential alternative means for providing the benefits generally attributed to college educations and scholarly research. Third, we discuss the possibility and likelihood of reform. Finally, we conclude with an appreciation of how Vedder has helped us better understand these questions.
Information, investment and innovation are the engines of economic growth in the 21st century. Yet regulatory accumulation and outdated regulatory processes are preventing both the private and public sectors from effectively using the three “I’s” to solve problems and grow the economy.
In the first half of 2016, the US economy skirted close to recession territory but so far has registered positive growth. What are the major forces that seem to be driving the slow-growth economy? Is the economy getting stronger? Or, will we hit recession territory before the end of the year?
Join us for a discussion with Mercatus Research Fellow Christopher Koopman, who will explain the greatest threats to capitalism today and what reforms could put us on the path to the next Industrial Revolution.
In this book, Adam Thierer argues that if the former disposition, “the precautionary principle,” trumps the latter, “permissionless innovation,” the result will be fewer services, lower-quality goods, higher prices, diminished economic growth, and a decline in the overall standard of living.