It has been held that when economic policy makers use economic models, there is a one way flow of information from the models to policy analysis. This text challenges this assumption, recognizing that in practice the requirements and questions of policy makers play an important role in the development and revision of those very models. Written by highly-placed practitioners and academic economists, it provides a picture of how modellers and policy makers interact with depth, insight and conviction. It offers international case studies of particular interactions between models and policy making, exploring questions such as: how does interaction work? What roles do different professional groups play in interaction? What strategies make the use of models in policy preparation successful? What insights can sociologists and historians give on the interaction between models and policy makers?

This collection, written by highly-placed practitioners and academic economists, provides a picture of how economic modellers and policy makers interact. The book provides international case studies of particular interactions between models and policy making, and argues that the flow of information is two-way.

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The premise of this volume is that business regulations are expected to grow in the near future as a consequence of the emergence of a "(world) risk society." Risks related to terrorism, climate change, and financial crises, for example, will penetrate all conditions of life. Increasingly, the decisions and actions of some bring about risks for many in this era of globalization. Controlling these risks implies managing the world through high-quality regulation, with a particular emphasis on businesses and financial institutions. Central to this approach is the argument that a major, if not the primary, aim of regulation is to internalize externalities, or in a broader context, to repair market failure. Such repair can only be accomplished when the costs are smaller than the welfare gains. Featuring contributions from researchers and policy analysts from the fields of economics, management, law, sociology, political science, and environmental policy, this book focuses on three major topics: * Social risks and business regulation * Preconditions for better business regulation * Theoretical issues related to better business regulation Collectively, the authors demonstrate that the easier it is for regulated businesses to comply at the lowest costs possible-without jeopardizing the related public goals-the greater the degree of compliance. When successful, the net result is a balance of individual and collective net benefits, and by further implication, sustainable business practice and economic growth.

The premise of this volume is that business regulations are expected to grow in the near future as a consequence of the emergence of a "(world) risk society." Risks related to terrorism, climate change, and financial crises, for example, will penetrate all conditions of life. Increasingly, the decisions and actions of some bring about risks for many in this era of globalization. Controlling these risks implies managing the world through high-quality regulation, with a particular emphasis on businesses and financial institutions. Central to this approach is the argument that a major, if not the primary, aim of regulation is to internalize externalities, or in a broader context, to repair market failure. Such repair can only be accomplished when the costs are smaller than the welfare gains. Featuring contributions from researchers and policy analysts from the fields of economics, management, law, sociology, political science, and environmental policy, this book focuses on three major topics: * Social risks and business regulation * Preconditions for better business regulation * Theoretical issues related to better business regulation Collectively, the authors demonstrate that the easier it is for regulated businesses to comply at the lowest costs possible-without jeopardizing the related public goals-the greater the degree of compliance. When successful, the net result is a balance of individual and collective net benefits, and by further implication, sustainable business practice and economic growth.