This article explores the question of whether contemporary regulatory reformers' attitudes toward government regulation have anything in common with those of the Lochner-era Court. It finds that both groups tend to favor value-neutral law guided by cost-benefit analysis over legislative value...

In this paper, we argue that lower prices for pharmaceuticals can be achieved by fostering a new type of competition in the pharmaceutical industry. Lower drug development costs, and hence prices, can be brought about by abolishing national drug administrations and replacing them with private...

We analyze the role of cost complementarities in driving the overall impact of a recent hygiene-rating disclosure policy in the U.K. We develop a simple theoretical multitasking model, which serves as a platform for our empirical analysis. We conduct a counterfactual analysis, which reveals the...

The Economic Dynamics of Environmental Law proposes an alternative to static efficiency-based analysis and policy prescription, focusing primarily upon the environmental law example. It argues for an approach that takes change over time seriously. In particular, an economic dynamic exists that...

This paper argues that drugs are expensive not because of a lack of competition among research-based pharmaceutical companies, but because of a lack of competition in the drug approval process. Lack of competition in the drug approval process has led to exceedingly high drug development costs....

Since 1990, following Lord Cullen's public inquiry into the Piper-Alpha disaster, the oil industry has spent approximately 2.6 billion pounds on safety improvements. The operators have co-operated with governmental authorities in the design of a new regulatory regime, based on the principles of...

The United States has long suffered from a schizophrenia about energy policy. The importance of one of the factors in energy policy, the environment, has never been formally defined. Climate change adds another distinct layer to this complexity, as neither energy policies nor environmental...

This study assesses the relationship between tribalism (the tribalism index) and government effectiveness (per the World Bank) in 65 countries using cross-sectional data averages from 2000-2010. This study finds that countries with high-tribal populations generally enjoy bad governance in terms...

The purpose of this study is to assess the nexus between intelligence (or human capital) and statistical capacity in developing countries. The line of inquiry is motivated essentially by: (i) the scarce literature devoted to elucidating poor statistics in developing countries and (ii) an...

We often use delegation as a commitment device if a government faces problems of timeinconsistency. McCallum (1995, AER P&P) challenged this practice, claiming that delegation merely relocates the commitment problem but does not solve it. In a model where delegation and specific policies are...