Found 746 article(s) for author 'Regulation'

Trump is missing the big picture on the economy

Trump is missing the big picture on the economy. Lawrence Summers, March 24, 2020, Opinion, “As an economist, I am normally enthusiastic when presidents or other political leaders emphasize the economic aspect of public policy issues. I am all for economic growth, cost benefit analyses, trade agreements, more flexible markets and prudent deregulation. Yet I am appalled by President Trump’s invocation of economic arguments as a basis for overriding the judgments of public health experts about battling the coronavirus pandemic.Link

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Evaluating COVID-19 Public Health Messaging in Italy: Self-Reported Compliance and Growing Mental Health Concerns

Evaluating COVID-19 Public Health Messaging in Italy: Self-Reported Compliance and Growing Mental Health Concerns. Jon Jachimowicz, Gary King, March 23, 2020, Paper, “The COVID-19 death-rate in Italy continues to climb, surpassing that in every other country. We implement one of the first nationally representative surveys about this unprecedented public health crisis and use it to evaluate the Italian government’ public health efforts and citizen responses. Findings: (1) Public health messaging is being heard.  Except for slightly lower compliance among young adults, ​all subgroups we studied understand how to keep themselves and others safe from the SARS-Cov-2 virus. Remarkably, even those who do ​not trust the government ​ , or​think the government has been untruthful ​ about the crisis believe the messaging and claim to be acting in accordance.(2)The quarantine is beginning to have serious negative effects on the population’s mental health. Policy Recommendations: ​Communications should move from explaining to citizens that they should stay at home to what they can do there. We need interventions that make staying following public health protocols more desirable, such as virtual social interactions, online social reading activities, classes, exercise routines, etc. — all designed to reduce the boredom of long term social isolation and to increase the attractiveness of following public health recommendations. Interventions like these will grow in importance as the crisis wears on around the world, and staying inside wears on people.Link

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Novel Risks

Novel Risks. Robert Kaplan, Dutch Leonard, 2020, Paper, “All organizations now practice some form of risk management to identify and assess routine risks for compliance; in their operations, supply chains, and strategy; and from envisioned external events. These risk management policies, however, fail when employees do not recognize the potential for novel risks to occur during apparently routine operations. Novel risks – arising from circumstances that haven’t been thought of or seen before – make routine risk management ineffective, and, more seriously, delude management into thinking that risks have been mitigated when, in fact, novel risks can escalate to serious if not fatal consequences. The paper discusses why well-known behavioral and organizational biases cause novel risks to go unrecognized and unmitigated. Based on best practices in several organizations, the paper describes the processes that private and public entities can institute to identify and manage novel risks. These risks require organizations to launch adaptive and nimble responses to avoid being trapped in routines that are inadequate or even counterproductive when novel circumstances arise.Link

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A Proposal to Cap Provider Prices and Price Growth in the Commercial Health-Care Market

A Proposal to Cap Provider Prices and Price Growth in the Commercial Health-Care Market. Michael Chernew, Leemore Dafny, March 2020, Paper, “This policy proposal is a proposal from the author(s). As emphasized in The Hamilton Project’s original strategy paper, the Project was designed in part to provide a forum for leading thinkers across the nation to put forward innovative and potentially important economic policy ideas that share the Project’s broad goals of promoting economic growth, broad-based participation in growth, and economic security. The author(s) are invited to express their own ideas in policy papers, whether or not the Project’s staff or advisory council agrees with the specific proposals. This policy paper is offered in that spirit.Link

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Reducing Administrative Costs in U.S. Health Care

Reducing Administrative Costs in U.S. Health Care. David Cutler, March 2020, Paper, “This policy proposal is a proposal from the author(s). As emphasized in The Hamilton Project’s original strategy paper, the Project was designed in part to provide a forum for leading thinkers across the nation to put forward innovative and potentially important economic policy ideas that share the Project’s broad goals of promoting economic growth, broad-based participation in growth, and economic security. The author(s) are invited to express their own ideas in policy papers, whether or not the Project’s staff or advisory council agrees with the specific proposals. This policy paper is offered in that spirit.Link

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Electricity Market Design and Green Energy

Electricity Market Design and Green Energy. William Hogan, March 13, 2020, Paper, “An efficient short-run electricity market determines a market clearing price based on conditions of supply and demand balanced in an economic dispatch. Everyone pays or is paid the same price. The thought experiment of a no-carbon/zero-variable-cost, green energy supply reveals that the basic efficiency principles still apply. The same principles apply in an electric network.Link

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Dodd-Frank Worsens Covid’s Risk

Dodd-Frank Worsens Covid’s Risk. Hal Scott, March 11, 2020, Opinion, “Coronavirus is contagious. So is financial panic. The spread of the novel coronavirus could cause a run on the financial system leading to a deep recession. Severe stock-market drops and increased demand for liquidity are warning signals. Bank equity capital has increased by $750 billion to $2.1 trillion since 2007, but a panic could still overwhelm well-capitalized banks.Link

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Harvard’s Ken Rogoff: Coronavirus Shows We Need Both Healthcare Safety Net and Private Innovation

Harvard’s Ken Rogoff: Coronavirus Shows We Need Both Healthcare Safety Net and Private Innovation. Kenneth Rogoff, March 8, 2020, Audio, “Pollak asked what economic lessons can be learned from the ongoing coronavirus spread. “There is certainly a lesson for having a safety net so that so that if you’re facing a pandemic, you could treat everyone and really have a framework [so] people aren’t afraid to come in and you can treat everyone,” replied Rogoff. Government healthcare policy must be balanced with free-market forces, added Rogoff. “The whole world depends on the United States for the innovation in drugs and health care, and there’s a very good chance that the vaccine’s going to come from here because we have this very developed private sector, and the question is how to have a system that has both.”Link

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Are Pharmaceutical Companies Earning Too Much?

Are Pharmaceutical Companies Earning Too Much? David Cutler, March 3, 2020, Paper, “Some of the most valuable innovations known to medicine have come from the pharmaceutical industry. Yet, the cost of those innovations places new drugs out of reach for many patients and significantly burdens others. Are pharmaceutical companies earning too much? Deciding whether pharmaceutical companies earn too much money is complicated.  In this issue of JAMA, 2 reports take different approaches to the question. In one article, Ledley et al1 compare the profitability of pharmaceutical companies with that of other large companies. The authors used data from 2000 to 2018 on public companies for which information on sales and input costs could be obtained. The sample included companies in the S&P 500 Index, a group of the largest US companies, and comprised 35 pharmaceutical companies, 357 non–health care companies, and 52 nonpharmaceutical health care companies. Three measures of profits were examined: gross profits (revenue minus the costs of goods sold); earnings before income, taxes, depreciation, and amortization; and net income, also referred to as earnings. Net income is typically what is used to measure corporate profitability and makes the most compelling conclusion, although the results did not differ greatly across the measures. Ledley et al1 showed that from 2000 to 2018, the median net income margin in the pharmaceutical industry was 13.8% annually, compared with 7.7% in the S&P 500 sample. This difference was statistically significant, even with controls, although earnings seemed to be declining over time.Link

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GDPR and internet interconnection

GDPR and internet interconnection. Shane Greenstein, March 1, 2020, Paper, “The internet comprises thousands of independently operated networks, where bilaterally negotiated interconnection agreements determine the flow of data between networks. This column examines the impact of the EU’s General Data Protection Regulation on the interconnection behaviour of network operators. It finds no measurable effects of GDPR on interconnection topology at the network level, with networks in the EEA growing at a rate similar to networks in non-EEA OECDcountries and only economically small effects on the entry and the number of networks.Link

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