Regulation is a high priority in Congress as committees conduct regulatory oversight hearings and members introduce legislation focused on regulatory reform. Assessing the pros and cons of any regulation or regulatory-reform proposal requires some basic familiarity with the terms and techniques of regulatory analysis.
In this video, Jerry Ellig explains the economic concepts behind the basic buzzwords of regulatory analysis—such as “benefits,” “costs,” “market failure,” and “cost-effectiveness”—and why they matter. Concepts are illustrated through examples from actual regulatory analyses conducted by federal agencies and university scholars.
The course answers key questions such as: