Kentucky Trails Most States in Production of Benefit-Cost Analysis
The Commonwealth of Kentucky, like other states, wants to make the most of its limited resources. To do so, its government must design policies that address real problems, are cost effective, and improve welfare for citizens. Kentucky could manage its resources more effectively if the state government conducted more benefit-cost analysis (BCA).
BCA is a tool used to organize information about the likely consequences of policy decisions. Underlying the use of BCA is the idea that government performance is improved when regulations are informed by solid evidence and careful decision-making. In a recent report Kentucky had produced one BCA in 3 years while the other states and DC had averaged 6.9 reports within the same period. When it comes to advancing evidence-based policy, the US states are leaving a lot to be desired—especially Kentucky.