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- Title
The Economic Constitution of the United States.
- Authors
Sunstein, Cass R.
- Abstract
The United States has an Economic Constitution, governing federal regulation, and explaining how to conduct regulatory impact analysis, with reference to quantification and monetization of the costs and benefits of proposed and final regulations. Known as OMB Circular A-4, the Economic Constitution of the United States was thoroughly revised in 2023, with new directions on behavioral economics and nudging; on discount rates and effects on future generations; on distributional effects and how to account for them; and on benefits and costs that are hard or impossible to quantify. The revised document leaves numerous open questions, involving (for example) the valuation of human life, the valuation of morbidity effects, and the value of the lives of children.
- Subjects
UNITED States; REGULATORY impact analysis; NUDGE theory; DISCOUNT prices; FEDERAL regulation
- Publication
Journal of Economic Perspectives, 2024, Vol 38, Issue 2, p25
- ISSN
0895-3309
- Publication type
Article
- DOI
10.1257/jep.38.2.25