Thursday, March 02, 2006
"When it comes to health, safety or environmental protection, parliaments have sometimes decreed regulations that impose exorbitant compliance and other costs, typically in response to pressures from single-issue groups, whose members do not bear the costs of regulation. It must be asked, for example, whether US safety regulations made sense when they caused a cost for one life saved of $168 million when benzene waste standards were tightened in 1990, or of $920 million per one life saved when new drinking water standards were decreed in 1991, let alone the cost for saving an additional life in listing hazardous wastes in wood preservation in 1990 of no less than $5700 billion (Breyer, 1995; Viscusi, 1993)" - K&S, pp. 296
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