Reducing Unemployment: A Case for Government Deregulation

By Garry K. Ottosen; Douglas N. Thompson | Go to book overview

This act would require agencies to assess the costs of their proposed regulations before they are enacted and offset those costs with revocations or revisions of existing regulations. If we are to reduce the unemployment rate that is consistent with stable inflation, the inflation and unemployment costs of government regulations must be well known, actively debated, and considered before legislation is passed and regulations enacted. This book recommends that the currently languishing Regulatory Accountability Act of 1993, which has apparently been stuck in a congressional committee, be quickly enacted. The benefit to our society is a focusing of attention on the employment and inflationary impacts of social regulations.


NOTES
1.
Edmund S. Phelps, Structural Slumps: The Modern Equilibrium Theory of Unemployment, Interest, and Assets ( Cambridge: Harvard University Press, 1994).
2.
Richard Layard, How to Beat Unemployment ( Oxford, England: Oxford University Press, 1986), p. 38.
3.
David Vogel, "The 'New' Social Regulation in Historical and Comparative Perspective," in Thomas K. McCraw (ed.), Regulation in Perspective ( Cambridge: Harvard University Press, 1981), pp. 155-86.
4.
Larry N. Gerston, Cynthia Fraleigh, and Robert Schwab, The Deregulated Society (Pacific Grove, CA: Brooks/Cole, 1988), pp. 24-25.
6.
Murray L. Weidenbaum, Business, Government, and the Public, 4th ed. ( Englewood Cliffs, NJ: Prentice-Hall, 1990), p. 46, Figure 2.2.
7.
Vogel, "The 'New' Social Regulation," p. 161.
9.
Thomas D. Hopkins, "The Costs of Federal Regulation," Policy Analysis ( Washington, DC: National Chamber Foundation, 1992); Thomas D. Hopkins, "Costs of Regulation: Filling the Gaps," report prepared for the Regulatory Information Service Center, August 1992; "Cost of Regulation Isn't Easy to Figure but Estimates Exist," Wall Street Journal, September 23, 1992, p. A6.
10.
Science, January 8, 1993, p. 159.
11.
Robert W. Hahn and John A. Hird, "The Costs and Benefits of Regulation: Review and Synthesis," Yale Journal on Regulation 8 ( Winter 1991), pp. 233-78; Robert E. Litan and William D. Nordhaus, Reforming Federal Regulation ( New Haven, CT: Yale University Press, 1983); and Murray L. Weidenbaum and

-73-

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