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.
Unmanned aerial vehicles (UAVs), commonly referred to as “drones,” have gained media attention over the last several years with much of the focus centering on their military uses and their emerging role in newsgathering. News organizations, journalists, and private citizens have employed UAVs to capture and share breaking news, to provide glimpses of natural disasters that would otherwise be too hazardous for journalists to obtain, and to offer unique perspectives that enrich news storytelling.
Elected leaders delegate rulemaking to federal agencies, then seek to influence rulemaking through top-down directives and statutory deadlines. This paper documents an unintended consequence of these control strategies: they reduce regulatory agencies’ ability and incentive to conduct high-quality economic analysis to inform their decisions.
As the battle to trim American waistlines heats up, the U.S. Food and Drug Administration has joined in the fray with not one, but two rules aimed at improving the nation’s diet. The rules constitute the biggest change to the Nutrition Facts label in over two decades.
The U.S. Food and Drug Administration has recently proposed expanding its regulatory authority over tobacco products to include the regulation of cigars, pipe tobacco, hookah tobacco, electronic cigarettes (e-cigarettes), and other novel tobacco products such as dissolvable products and gels. Cigars are the most commonly used among this group, though e-cigarette use is rapidly expanding.
Many economists and economic commentators fear that the Federal Reserve does not have an adequate exit strategy from the quantitative easing that took place during the financial crisis. Its bloated balance sheet has allegedly left a looming monetary overhang that the Fed will not be able to manage once the economy returns to normal.
Libertarians intuitively understand the case for patents: just as other property rights internalize the social benefits of improvements to land, automobile maintenance, or business investment, patents incentivize the creation of new inventions, which might otherwise be undersupplied.
In the June Situation report, I promised a better second-half economy. I did more than keep my promise. The first estimate for 2Q2014 GDP growth brought a steaming 4.0 percent, along with an upward revision of lQ2014’s growth from minus 2.9 percent to minus 2.1 percent. We swung high after swinging low.
Professor of Public Policy at George Mason University Kenneth Button shares the story of how air cargo deregulation in the 1970s paved the way for low-cost, reliable overnight shipping, which in turn allowed for groundbreaking new e-commerce businesses like Amazon and eBay. These innovations enable everyone to get their presents on time for the holidays – almost as fast as delivery by Santa himself!
Please join us for lunch with Mercatus Center Senior Research Fellow Jason Fichtner to discuss pro-growth policy options. He’ll also address the research and ideas Mercatus shares with policymakers in order to advance the debate on economic issues.