3. Regulations frequently redistribute income and power
4. Few regulations are actually intended to protect consumers
5. Regulations kill
6. Cost benefit analysis can improve regulation
7. Comparative risk assessment can improve regulation
8. Repeal existing regulations before adopting new ones
9. Enforcing property rights can be superior to regulation
10. Hands off the Internet (the digital economy abhors regulation)
Chapter 6 is entitled "Cost benefit analysis can improve regulation", whilst Chapter 7 is entitled "Comparative risk assessment can improve regulation". CBA and CRA are both akin to two familiar tools in the world of corporate finance – ie asset valuation and risk management, respectively. They are defined in detail, for example, in my article of No More Secret Science, Needs No More Secret Economics. In short:
CBA is a practical microeconomics method and frame-of-mind for better informing government policy (eg economic, social and environmental) decisions regarding net benefits or costs.
CRA is a systematic process to estimate the level of risk related to some specific action or activity.
Two quotes (the latter from Frank Knight) regarding CBA and CRA, for example, from Chapters 6 and 7 are:
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