In about ten minutes, I’ll be on Twin Cities News Talk AM1130’s “This Week in Regulation” to talk about, well, regulation.
You should be able to listen live from here.
In about ten minutes, I’ll be on Twin Cities News Talk AM1130’s “This Week in Regulation” to talk about, well, regulation.
You should be able to listen live from here.
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Posted in Media Appearances, regulation

Just another week in the world of regulation:
Highlights from final rules published last week:
For more data, updated daily, go to TenThousandCommandments.com.
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Posted in regulation
George Stigler was a Nobel-winning economist who applied the economic way of thinking to regulation at a time when doing so was even more unfashionable than it is today. He was also known for his wit.
Near the end of his paper “The Economists’ Traditional Theory of the Economic Functions of the State,” which appears as chapter 7 in his 1975 collection The Citizen and the State: Essays on Regulation, he has a pithy public choice-style insight (p. 112):
We have a long, long list of market failures. These should be corrected if possible, and there are only two alternatives to the market: the state, and prayer. It turns out the two were merged in one.
There’s a lot packed into that bit of pith. Intentionally or not, Stigler was referring to what Harold Demsetz called the Nirvana fallacy. The relevant comparison isn’t between market outcomes and perfection; it’s between market outcomes and possible improvements. This is where economists’ never-ending focus on perfect competition models comes back to bite them in the rear end. Economists and regulators alike pray fervently.
Unable to escape from Hayek’s knowledge problem and public choice concerns such as regulatory capture, regulations not only routinely fail to improve on market outcomes, they often make make matters worse.
As Arnold Kling pointed out, the lesson learned isn’t the idealistic Chicago school motto, “Markets work well. Use markets,” nor is it the Nirvana fallacy-prone MIT-Harvard dictum, “Markets fail. Use government.” It’s the realist GMU-style “Markets fail. Use markets.”
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Posted in Economics, Pith, regulation
Over at The Washington Times, Wayne Crews and I praise President Obama’s recent regulatory reforms. They’re small, but they’re better than nothing:
The estimated savings total up to about $10 billion over five years. Cass Sunstein, who heads Mr. Obama’s Office of Information and Regulatory Affairs at the Office of Management and Budget, sees this as a significant achievement. Of course, federal regulations cost more than 500 times that much – more than a trillion dollars annually – so this is a curious use of the word “significant.”
We also lay out some potential next steps:
- Implement a bipartisan, annual Regulatory Reduction Commission to vote up or down on a package of rules to eliminate in one sweep.
- Institute a freeze on federal rule-making in order to rediscover federalism. Many health and safety matters are best left to states.
- Hold hearings on Sen. Mark R. Warner’s “one-in, one-out” requirement for any new rule, which, for some reason, he isn’t talking about much lately but should be.
- Increase exemptions for small businesses, which can least afford regulatory costs.
Read the whole thing here. More reform ideas are in the new 2012 edition of Wayne’s “Ten Thousand Commandments” study.
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Posted in Publications, regulation
The 2012 edition of “Ten Thousand Commandments” is out now. If you don’t feel like reading all 66 pages (though I recommend you do!), Wayne Crews and I sum up the main findings and offer a few institution-level reforms in a short piece at The American Spectator:
Politicians love to blame unregulated markets for America’s economic troubles. But… those unregulated markets are hard to find. The federal government lists all of its regulations in the Code of Federal Regulations. It is more than 169,000 pages long and growing. Last year alone, 3,807 new final rules were published in the Federal Register — more than 10 per day. In 2010, it was 3,573 new rules.
And here’s just one of our reform ideas:
Just as Congress is supposed to pass a budget every year for what it spends, it should pass a regulatory budget. If it caps regulatory burdens at, say, $1 trillion, it would then have to prioritize which rules it believes provide the most bang for the buck. Voters would also know when Congress votes to increase regulatory costs, giving members at least some incentive to keep regulation in check.
The fight for real regulatory reform is a long one, not least because neither party has shown the seriousness needed to see it through. But the only way to win is to fight.
Read the whole thing here.
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Just another week in the world of regulation:
Highlights from final rules published last week:
For more data, updated daily, go to TenThousandCommandments.com
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Posted in regulation
Congress passed 81 bills last year, while agencies passed 3,807 regulations. This, according to Vice President for Policy Wayne Crews, is regulation without representation. Crews discusses this and other findings from the just-released 2012 edition of his annual report, “Ten Thousand Commandments: An Annual Snapshot of the Regulatory State.”
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Posted in CEI Podcast, regulation

Just another week in the world of regulation:
Highlights from final rules published last week:
For more data, updated daily, go to TenThousandCommandments.com.
Comments Off on CEI’s Battered Business Bureau: The Week in Regulation
Posted in regulation

Just another week in the world of regulation:
Highlights from final rules published last week:
For more data, updated daily, go to TenThousandCommandments.com.
Comments Off on CEI’s Battered Business Bureau: The Week in Regulation
Posted in regulation

Just another week in the world of regulation:
Highlights from final rules published last week:
For more data, updated daily, go to TenThousandCommandments.com.
Comments Off on CEI’s Battered Business Bureau: The Week in Regulation
Posted in regulation