A Quote by Dominic Grieve
In a mature democracy any proposed policy should be subjected to a close analysis of its likely benefits and costs.
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Sensible policies on global warming should weight the costs of slowing climate change against the benefits of slower climate change. Ironically, recent policy initiatives, such as the Kyoto Protocol of 1997, have been introduced without any attempt to link the emissions controls with the benefits of the lower emissions.
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
Human capital analysis starts with the assumption that individuals decide on their education, training, medical care, and other additions to knowledge and health by weighing the benefits and costs. Benefits include cultural and other non-monetary gains along with improvement in earnings and occupations, while costs usually depend mainly on the foregone value of the time spent on these investments.
Gradual and moderate warming brings benefits as well as incurring costs. These benefits and costs will not, of course, be felt uniformly throughout the world; the colder regions of the world will be more affected by the benefits, and the hotter regions by the costs.
...foreign policy is a matter of costs and benefits, not theology.
I am not concerned with dodging the odium of the word. The proposed definition of democracy is socialistic . . . (democracy) should be characterized not so much socialistic, as unscrupulously and loyally nationalistic.
Student loans have been helpful to many. But they offer neither incentive nor assistance to those students who, by reason of family or other obligations, are unable or unwilling to go deeper into debt. ... It is, moreover, only prudent economic and social policy for the public to share part of the costs of the long period of higher education for those whose development is essential to our national economic and social well-being. All of us share in the benefits - all should share in the costs.
As presidents from Ronald Reagan to Barack Obama have recognized, the real question is whether regulations, whether new or old, are justified. That requires a careful analysis of their costs and their benefits.
Although I am a strong political conservative, I now believe that the costs of our fruitless struggle against illegal drugs are not worth the modest benefits likely to be achieved.
The wise policymaker doesn't assume that any policy adopted in good faith will have good results. Instead, he or she weighs the likely outcome of any new policy based on facts and experience - not sentiments and dreams.
The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure.
I don't see how being a faster runner, or a better mathematician makes you 'deserve' access to a better life, or more influence on policy, in the absence of a social decision to play that game in the way it's proposed to be organised for some set of benefits.
Any good teacher should become acquainted with relevant technologies. But the technologies should not dictate an education goal. Rather, the teacher (or parent or student or policy maker) should ask: can technology help to achieve this goal, and which technologies are most likely to be helpful?
Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
If an artwork never gets any attention from anybody, then obviously it's got problems. If it gains attention from a very small elite, then it's presumably doing something. Finnegans Wake gets a lot of attention from certain people who become passionate about it, who are usually very good readers in general. Although - I often talk about costs and benefits - it seems to me the costs of reading Finnegans Wake are not worth the benefits, however many there may be. And it's the same with the more arcane among poets, Zukofsky and so on.
Kyoto costs a lot, does nothing to prevent calamity, and pays no compensation in the event of loss. If my insurance broker offered that sort of policy, I would not carry insurance. Instead what my broker offers is a policy that costs a little and pays full compensation in the event of loss. If someone wants to propose that as a policy on global warming, I'm all in favour.
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