Allan Schmid, the economist who first recommended that benefit-cost analysis be applied to regulations, received a tribute in a paper written by Professor Rumen Brussarski of Bulgaria. Also see this post.
Professor Brussarski writes:
GENESIS AND DEVELOPMENT OF IMPACT ASSESSMENT
In memory of Alfred Allan Schmid
In memory of Alfred Allan Schmid
During the 70s of the twentieth century economists realized that public expenditures and rulemaking have similar effects on resource allocation and equity. Thus, the process of creating regulations entered the orbit of the economic cost-benefit analysis. This article is dedicated to the genesis and development of impact assessment in the United States, the European Union and Bulgaria.
Allan Schmid’s work has had a profound impact on the conduct of the administrative state in the United States and we are pleased that his work is being recognized throughout the world.
