The U.S. has experienced a quiet revolution in the past 40 years. It began under Ronald Reagan but has been embraced by all of his successors, most notably Barack Obama, who doubled down on the basic idea: Before imposing new regulations, federal agencies must perform a cost-benefit analysis and demonstrate that the benefits justify the costs. In areas from highway safety to occupational health and from energy to homeland security, agencies are now required to develop a detailed, quantitative account of the likely effects...

Source: Wall Street Journal October 21, 2018 18:56 UTC