Regulations As a "Panacea": Exploring the Consequences

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Regulations As a "Panacea": Exploring the Consequences

  1. 1. Capturing and Comparing Changes in the Volume, Scope, and Burden of Federal Regulations Patrick A. McLaughlin Senior Research Fellow Mercatus Center
  2. 2. Federal Register Pages Printed Each Year
  3. 3. RegData New way to quantify federal regulation Innovations: • Based on words in regulatory text • Measures regulation specific to CFR Title • Permits industry-specific indexing of targeted regulation
  4. 4. Example
  5. 5. One sentence from 29 CFR Part 1926Section 416 Before work is begun the employer shall ascertain by inquiry or direct observation, or by instruments, whether any part of an energized power circuit, exposed or concealed, is so located that the performance of the work may bring any person, tool, or machine into physical or electrical contact with the electric power circuit.
  6. 6. The Accumulation of Regulation 1,005,000 984,444 963,889 943,333Restrictions 922,778 902,222 881,667 861,111 840,556 820,000 97 98 99 00 01 02 03 04 05 06 07 08 09 10 19 19 19 20 20 20 20 20 20 20 20 20 20 20
  7. 7. Restrictions in Labor50,00048,750 Labor47,50046,25045,000 97 98 99 00 01 02 03 04 05 06 07 08 09 10 19 19 19 20 20 20 20 20 20 20 20 20 20 20
  8. 8. Restrictions in Specific Titles65,00058,750 IRS Labor52,50046,25040,000 97 98 99 00 01 02 03 04 05 06 07 08 09 10 19 19 19 20 20 20 20 20 20 20 20 20 20 20
  9. 9. Labor, IRS, and Environment160,000130,000100,000 Environment IRS Labor 70,000 40,000 97 98 99 00 01 02 03 04 05 06 07 08 09 10 19 19 19 20 20 20 20 20 20 20 20 20 20 20
  10. 10. Regulation by Industry Paper Manufacturing Paper Manufacturer Paper Manufacturers
  11. 11. Industry Regulation Index - Manufacturing
  12. 12. Industry Regulation Index – 3 Industries
  13. 13. Why is this important? RegData provides: • Visualization of growth of regulation across titles and agencies • Tool for research
  14. 14. RegData.Mercatus.org
  15. 15. OPPORTUNITY: DENIEDWhen Regulations Pick Winners & Losers Matthew Mitchell Senior Research Fellow
  16. 16. LEFT RIGHT“ Regulation “Regulationmust rein in is crushing business” business”
  17. 17. Regulations Restricting Entry 36 States Require “Certificates of Need”to Open a Health Facility
  18. 18. Regulations Restricting Entry 10 States Require License to Braid Hair
  19. 19. “[T]he verdict is nearly unanimous that economic regulation over rates, entry, mergers, and technology has been anticompetitive and wasteful”
  20. 20. “[T]he verdict is nearly unanimous that economic regulation over rates, entry, mergers, and technology has been anticompetitive and wasteful ...our unguided regulatory system undermines competition and entrenches ” monopoly at the public’s expense.
  21. 21. Regulations That Raise Rivals’ Costs
  22. 22. THE CONSEQUENCES
  23. 23. Anti-Competitive LowerHigher QualityPrices
  24. 24. Privilege-Seeking Costs $1 - $3.5 Trillion annually
  25. 25. $55,000 $48,889 $42,778 $42,662Inflation-Adjusted Dollars $36,667 $30,556 Actual Per Capita $24,444 Production $18,333 $12,222 $6,111 $0 1975 1980 1985 1990 1995 2000 2005 2010
  26. 26. $55,000 $54,071 $48,889 Per Capita $42,778 Production with $42,662Inflation-Adjusted Dollars Less Rent Seeking $36,667 $30,556 Actual Per Capita $24,444 Production $18,333 $12,222 $6,111 $0 1975 1980 1985 1990 1995 2000 2005 2010
  27. 27. OPPORTUNITY: DENIEDWhen Regulations Pick Winners & Losers Email: MMitche3@gmu.edu Web: www.Mercatus.org Blog: www.NeighborhoodEffects.com Twitter: @MattMitchell80

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