Costly Mistake

Conservatives love to impose cost-benefit analysis on regulatory issues. So why not apply it to the Iraq War?

By Joan Claybrook and Alan Morrison
Web Exclusive: 7.18.03
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When it comes to regulating business, the Bush administration insists that cost-benefit analyses are not simply useful but central to its decision-making process. But the president did not insist on his aides performing that kind of analysis before deciding to invade Iraq. The reasons why illustrate many of the fallacies in this approach to regulation and suggest that the concept is far less wise than the administration and its allies believe.