Question

Answer the following questions:

a. How would an economist advise government officials to approach decisions regarding the the implementation of new health and safety regulations?

b. What important factors would they take into consideration?

c. What changes would economists advocate for?

Answer 1

A) An economist would always suggest a cost benefit analysis approach regarding the implementation of new health and safety regulations. He would ask the government to analyze the costs and the benefits and then compare if the benefits exceed costs, only then the policy should be implemented.

B) All types of present and future costs and benefits should be considered before making the decision

C) Economists would advocate for those changes where the benefits exceed the costs