Responsible regulation: The key to reform in an era of deregulation

As deregulation gains momentum, here are nine points to consider when crafting governing regulations

The central message of the latest Economic Survey is clear: “Get out of the way.” It advocates enhancing economic freedom as a catalyst for growth. To achieve this, the Survey proposes “systematic deregulation by systematically reviewing regulations for their cost-effectiveness” in terms of monetary, opportunity, and state capacity costs, as well as unintended consequences. This has been a recurring theme for about a decade, but has gained heightened attention in recent years as the adverse impact of excessive regulation on economic growth became evident. The call for deregulation today is at least as resounding as the push for decontrol that