Most regulations are well meaning. But over the years economists who have studied regulations argue that for some, their costs can be greater than their benefits. For example, they may impede necessary change in the economy and delay important innovations. Is it important, therefore, that we have regular reviews of regulations?
- It is. Has been happening at the federal level, mainly through executive orders of the President – therefore, may not have broad consensus
- In NC, since 2013, the 22,500 state regulations have been undergoing review
- About half have been review so far
- 62% have been kept, 12% have been removed, and the remainder – 26% – will be kept only if readopted
- The state is also slated to “sunset” each regulation in 10 years, meaning it will have to be reexamined by then or will go out of existence
The Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.