Regulatory impact assessments are crucial for evidencebased decision-making from "summary" of The Economics of Regulation: Principles and Institutions: Economic principles by Alfred Edward Kahn
Regulatory impact assessments play a vital role in the process of making evidence-based decisions regarding regulations. These assessments provide a systematic evaluation of the potential effects of proposed regulations before they are implemented. By conducting a thorough analysis of the costs and benefits associated with a regulation, policymakers can make informed decisions that are based on objective evidence rather than conjecture or political expediency. Furthermore, regulatory impact assessments help to ensure that regulations achieve their intended objectives without imposing unnecessary burdens on businesses or consumers. By carefully considering the potential consequences of a regulation, policymakers can design more effective and efficient policies that strike an appropriate balance between regulatory goals and economic realities. In addition, regulatory impact assessments can help to identify unintended consequences of proposed regulations that may have negative effects on the economy or society. By conducting a comprehensive evaluation of the potential impacts of a regulation, policymakers can anticipate and address potential problems before they arise, thus minimizing the risk of harmful outcomes.- Regulatory impact assessments are an essential tool for evidence-based decision-making in the realm of regulation. By providing policymakers with a systematic framework for evaluating the costs and benefits of proposed regulations, these assessments help to ensure that regulations are well-designed, effective, and efficient. As such, they are a crucial component of the regulatory process and play a key role in promoting good governance and sound economic policy.
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