
James Broughel
Contributor at Forbes
Senior Fellow at The Competitive Enterprise Institute (CEI)
Economist writing about regulation.
Articles
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1 month ago |
tulipmania.substack.com | James Broughel
The time value of money (TVM) is one of the first ideas any economics or finance student learns. A dollar today is worth more than a dollar tomorrow, because today’s dollar can be invested and earn a return. Yet for all its acclaim in textbooks and MBA programs, the TVM shows up far too rarely in cost estimates circulated by economists.
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1 month ago |
tulipmania.substack.com | James Broughel
In policy analysis economists routinely translate human injuries and deaths into dollars so that these can be weighed against the costs of regulation. This exercise involves placing a monetary value on life. Converting both benefits and costs into the same units gives policymakers a common yardstick for judging trade-offs among otherwise incomparable goods. The controversy is not whether we need to place a value on life, but how we choose one.
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1 month ago |
tulipmania.substack.com | James Broughel
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1 month ago |
tulipmania.substack.com | James Broughel
A market failure occurs when there are unexploited gains from trade, making a Pareto improvement possible, meaning someone can be made better off without making anyone else worse off. Economists typically focus on market failures that manifest in the “static” present. For example, information asymmetries occur when one party in a transaction has more or better information than the other, leading to suboptimal trades.
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1 month ago |
cei.org | James Broughel
Congressional Republicans are moving one step closer to achieving their long-sought goal of overhauling the regulatory state. Tucked into the House Judiciary Committee’s section of the GOP’s reconciliation bill are two clever reforms. One creates automatic sunsets for federal rules and another incorporates a version of the REINS Act, which would require congressional approval for major regulations. These provisions attempt to strengthen legislative control over the administrative state.
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One of the lessons of our time is people are going to need to get better at trusting their own internal sense of quality. This is actually one area where I am fairly confident in my abilities.