Cost-benefit analysis (CBA) has been an important policy tool used by the government since the 1980s, when the Reagan administration ordered that all major new regulations be subjected to a rigorous test of whether their projected benefits would outweigh their costs. In their new book, New Foundations of Cost-Benefit Analysis, Matthew Adler and Eric Posner argue that while CBA is a useful tool, it should focus on overall well-being rather than economic efficiency.
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