Date of Original Version

1996

Type

Book Chapter

Abstract or Description

Many economists see benefit-cost analysis as a rational, analytic tool that is neutral in its values. They assert that benefit-cost analysis is essential for complicated social issues. Our eloquence about the value of this framework has enabled us to convince Congress to write benefit-cost analysis into various laws and convinced President Reagan to embrace it. President Clinton has reaffirmed the Reagan order with minor changes.

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Published In

Risks, Costs, and Lives Saved: Getting Better Results from Regulation, R.W. Hahn, Editor 1996, Oxford University Press and The AEI Press, 104-134.