There’s an embarrassing economic blunder in how OIRA’s jurisdiction is defined.
The Biden Administration is considering changes to how OIRA, the “regulatory czar,” operates. There’s one simple fix the Administration should make. OIRA core function is cost-benefit analysis But the rules establishing OIRA’s jurisdiction contain an error that should make an economist blush: using nominal rather than real (inflation-adjusted) dollars. This means that OIRA is now …CONTINUE READING