The Economic Constitution of the United States

Cass R. Sunstein

Journal of Economic Perspectives, 2024, vol. 38, issue 2, 25-42

Abstract: The United States has an Economic Constitution, governing federal regulation, and explaining how to conduct regulatory impact analysis, with reference to quantification and monetization of the costs and benefits of proposed and final regulations. Known as OMB Circular A-4, the Economic Constitution of the United States was thoroughly revised in 2023, with new directions on behavioral economics and nudging; on discount rates and effects on future generations; on distributional effects and how to account for them; and on benefits and costs that are hard or impossible to quantify. The revised document leaves numerous open questions, involving (for example) the valuation of human life, the valuation of morbidity effects, and the value of the lives of children.

JEL-codes: D61 D72 D90 I12 J13 J17 L51 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1257/jep.38.2.25

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