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It’s hard to imagine a better illustration than high-frequency trading. The stock market is supposed to allocate capital to its most productive uses, for example by helping companies with good ideas raise money. But it’s hard to see how traders who place their orders one-thirtieth of a second faster than anyone else do anything to improve that social function.

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wall-street banking financial-services high-frequency-trading benefits economics

To correct this imbalance, the next president should issue an executive order reforming how OIRA conducts its business. IPI has released a set of needed reforms to achieve balanced cost-benefit analyses. Reforms include increasing transparency, reviewing deregulation and agency inaction, ensuring that costs of regulation are not overestimated, and taking distributional effects into account. All of these changes would signal President Obama’s commitment to a more reasonable and just system of regulation. Sunstein’s appointment makes clear that Obama wants change at OIRA—he is too talented to be wasted in a business-as-usual role in the next administration. But the task of reforming cost-benefit analysis, removing its biases, and reforging it into a neutral tool for sound policymaking, all while promoting a strong regulatory agenda in a time of economic crisis, will not be easy.

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regulation government regulatory-capture reform cost benefits analysis

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commons budget transportation privatization public-goods cost benefits

[GM and Bethlehem Steel] with respect to the staggering burden of benefit obligations, what got them in trouble isn’t what they did wrong; it is what they did right. They got in trouble in the nineteen-nineties because they were around in the nineteen-fifties—and survived to pay for the retirement of the workers they hired forty years ago. They got in trouble because they innovated, and became more efficient in their use of labor.

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economics risk insurance pensions benefits human-resources time management