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Holonomics and Policy: A Framework for Modernizing Regulatory Review
Presented By Dr. David Axelrod, Department of Economics

Tuesday, February 16, 2021 2:15 PM - 3:15 PM

President Biden wrote a memorandum on modernizing regulation review. In particular, it is seeking to expand on current cost-benefit analysis to include "concrete suggestions on how the regulatory review process can promote public health and safety, economic growth, social welfare, racial justice, environmental stewardship, human dignity, equity, and the interests of future generations." This has the potential to significantly change how regulations are determined.

A holonomic (holistic economic) framework for decision making, as well an approach to present value discounting, critical to cost-benefit analysis, are developed. By incorporating the concepts of endogenous and exogenous constraints, we clarify the distinction between what is feasible and acceptable (what can and what should be done). The concepts of external and internal preferences will allow for the distinction between the things we want and who we choose to be. The determination of discount rate and time horizon based on the above allowing for a greater regard for a common future. It will lay out how the desired criteria can be included in a formal economic approach that includes consideration of a wider range of resources beyond the merely financial.

Location: Zoom
Fees: Free and Open to All
Calendar: Upcoming Events
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