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THE LIMITS OF IRRATIONALITY AS A RATIONALE FOR REGULATION

2015; Wiley; Volume: 34; Issue: 3 Linguagem: Inglês

10.1002/pam.21841

1520-6688

Brian F. Mannix, Susan E. Dudley,

Energy Efficiency and Management

If men were angels, no government would be necessary.If angels were to govern men, neither external nor internal controls on government would be necessary.In framing a government which is to be administered by men over men, the great difficulty lies in this: you must first enable the government to control the governed; and in the next place oblige it to control itself.-Federalist 51James Madison was speaking of the structural checks on governmental power when he wrote those words, but it is worth recalling his advice when we contemplate the role of benefit-cost analysis as a check on the unconstrained exercise of the