Governments throughout the world are requiring greater use of economic analysis as a way of informing key policy decisions. The European Union now requires that an impact assessment be done for all major policy initiatives. An evaluation of the EU system could provide lessons for the U.S. and...

Regulation has for a long time been considered mainly as an obstacle to innovation, especially with respect to rules that create so-called "red tape", or administrative burdens. But academics have demonstrated that regulation can greatly facilitate innovation, by creating markets for existing...