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Critiques of Regulatory Policy

Critiques of Regulatory Policy. Regulatory Successes. FDA since 1900 Environmental regulation Through the 1980s Workplace safety Civil rights Banking Sort of - lots of moral hazard problems. Regulations that Did Not Work so Well. Airline rates and routes Trucking rates and routes

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Critiques of Regulatory Policy

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  1. Critiques of Regulatory Policy

  2. Regulatory Successes • FDA since 1900 • Environmental regulation • Through the 1980s • Workplace safety • Civil rights • Banking • Sort of - lots of moral hazard problems

  3. Regulations that Did Not Work so Well • Airline rates and routes • Trucking rates and routes • Telecommunications • Who wins and who loses in economic regulations? • Small towns and rural areas? • Unions? • Big business?

  4. Are We Better Off? • What has improved over the past 50 years? • Health? • Racism? • Do more people have more stuff? • What does it mean to be poor in the US over the past 50 years? • What has gotten worse? • Income disparities? • Role of expectations?

  5. Why Doesn't the Public Trust Agencies? • What are examples of public distrust of agencies? • Are these justified? • What is the impact of this distrust? • Why don't people want to pay taxes?

  6. Cost Benefit Analysis • How much should we spend to save a life? • Why does Congress refuse to put a price on human life? • Why does this make CBA more difficult? • How much to prevent injury? • How much should personal responsibility matter? • personal protective gear?

  7. CBA Costs - Tables from Saving Lives: A Review of the Record • What is the problem with lives saved analysis? • Are they the same lives for different risks? • What about disability? • What are the most cost effective regulations? • Interesting that vaccinations and clean drinking water are not here • What are the most costly regulations?

  8. Could We Spend the Money More Wisely? • What type of risks do we spend the most on with the least return? • Asbestos abatement of stable asbestos in buildings • Superfund risks • Overstated health risks - LA cancer corridor • What risks get the least attention? • Smoking? • Immunizations? • Primary care?

  9. What is the Cost of Unemployment? • Economic costs to the individual • Lost opportunities for your children • Loss of assets, making recovery harder • Health costs • Stress • Reduced access to care • Self-esteem • Crime

  10. Should we do CBA at All? • Why not prevent all possible risks? • Precautionary principle • What are the trade offs? • How does the US concern with risks affect our cost of business production? • When can preventing one risk cause another? • Natural pesticides • Smaller, lighter cars • More expensive power?

  11. FDA • Drug lag? • What are the tradeoffs in FDA regulation? • Safety • Effectiveness • Should cost be part of the equation? • Why are consumers in a poor position to judge drugs? • Background Information? • Timeframe of action? • Comparison with other drugs? • Why not let the market sort it out?

  12. Health Care as a Regulated Industry • What are the problems facing health care in the US? • What has happened to nature of disease over the past 100 years? • How does this complicate health care policy? • What does this tell us about the Charity Hospital system? • What are the financial incentives in health care?

  13. How is Ethanol a Regulatory Problem? • Would anyone burn ethanol as motor fuel without government subsidizes? • What is the policy basis for pushing ethanol? • What are the political issues? • What are the downsides of ethanol? • Is this a wise regulatory choice?

  14. Should We Control Personal Risk Decisions? • Should consumers have the right to buy much cheaper and better mileage cars that are less safe? • Should consumers have the right to use unapproved drugs? • What if they are dying? • What about not getting their kids vaccinated? • Smoking? • Smoking dope? • Being fat?

  15. Impossible Tasks • Why do legislatures give agencies impossible tasks? • What are the possible agency responses? • What is the conflict between LSU owning both the charity hospital system and the medical school? • What about the state regulating state owned hospitals?

  16. Civic Republicanism • How can agencies be better representatives for the whole population than are the elected officials? • What are the pressures on elected officials? • How are these different for agencies? • Independent agencies? • Should there be more public participation? • Should congress and the executive have to disclose all contacts with the agency?

  17. Regulatory Alternatives

  18. Economic Incentives and Taxes for Environmental Risks • Tradeable permits for a fixed amount of pollution • Looks at total pollution or greenhouse gas, not process of control • Lets industry see who can do it the most efficiently • What if you are downwind? • Does an aggregate reduction, which benefits more people, make you any happier? • Carbon Tax • Goes to the heart of the CO2 program • What are the downsides?

  19. Collective bargaining for working conditions and safety • What are the limits on this? • How could we change them? • Is this a good idea?

  20. Non-Agency Regulation: Tort and Compensation Law • How is tort law a regulatory process? • Is it a democratic process? • What is the public input? • Who protects the public's interest in tort cases? • What are the standards for scientific decisionmaking? • Breast implants? • Erin Brockovich? • What are the standards for CBA? • What if later evidence shows that the verdict or settlement was wrong?

  21. What about Natural Monopolies? • What are natural monopolies? • Why not allow cable companies to compete for business in a given community? • How can natural monopolies change with time? • Telephones? • IBM mainframe computers? • Can antitrust laws be an alternative?

  22. CBA - Federal Flood Insurance • Should the feds provide flood insurance? • Why does it not work in the private market? • Why are the political pressures on the feds? • Do local communities really want accurate flood maps? • Do people really want accurate storm probability predictions? • Are the feds really going to charge accurate premiums? • What are the perverse incentives of the program?

  23. CBA: Should We Rebuild New Orleans? • Would NO be in better or worse funding position if they had properly evacuated the folks before Katrina? • What is the CBA for real evacuations? • What is the CBA for rebuilding? • What are the trade-offs? • Who should pay • Should folks in low risk areas subsidize the Big Easy lifestyle? • How about rebuilding rich folks houses on the Mississippi coast? • What about the responsibilities of the homeowners? • Should we bail them out when they do not buy insurance? • How much do you want to pay? • What about coastal erosion and subsidence? • Should we rebuild homes before it is safe? • If we do not rebuild, what happens to the CBA?

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