Deciding When Regulation Cost Too Much
"Everyone also can agree that if an environmental rule can prevent 1 million birth defects at a cost of only one dollar, then the regulation merits adoption – and if a regulation would prevent only one birth defect at a cost of $100 trillion, then it does not. In the real world regulations fall within narrower parameters. And nobody knows for certain precisely how much misery a proposed regulation might prevent, or how much it might cost. Hence the bickering" writes author A. Barton Hinkle.