Deregulatory irresponsibility: takings, transfers and transcendental institutionalism

Abstract

The taskforce on the Regulatory Responsibility Bill has put forward what it considers to be six ‘broadly accepted principles of good legislation’. I shall argue, from the standpoint of an economist, against this description. In their present form, several of the principles have extreme implications for policy; and some fundamental requirements of good legislation are missing entirely from the taskforce’s list, and apparently will have to be defended before the courts every time they are implemented.