In the first installment of “Cataloging Washington’s Hidden Costs,” the topic was loss of liberty; in Part 2, unmeasured economic costs. Regulators assume their regulations create net benefits; here I note that those benefits may really be costs.
Governmental decisions, not just private action, can adversely impact health and safety. The ways risks are best identified, prioritized and society made safer and healthier have not all been discovered by beltway residents. The means to address them all do not necessarily lie within government’s ambit.
The nanny state that believes otherwise is sometimes explicit; other times, it seeks to “nudge” us toward ends that it sees fit. For our own good, of course.
Benefits are best seen as forms of wealth. When “regulation” as a phenomenon removes values like risk reduction, or privacy, or cybersecurity, or safety from the competitive pressures required to advance them, agencies undermine the actual “regulation” that needs to take place in society…..To Read More…