Bill McNabb, CEO of the Vanguard Group, in today’s WSJ op ed Uncertainty Is the Enemy of Recovery discusses Vanguard’s estimate that policy uncertainty has created a $261 billion drag on the U.S. economy.
While it is good to see policy uncertainty highlighted, the more relevant concept is Robert Higgs’s regime uncertainty as discussed in these Mises Dailies and Circle Bastiat posts:
|Regime Uncertainty: Some Clarifications – Robert Higgs – Mises Daily
Nov 19, 2012 … A business-hostile administration will provoke more apprehension than a business-friendlier administration.
|Regime Uncertainty and the Non-Recovery – Mises Economics Blog …
Dec 14, 2011 … Robert Higgs introduced the concept of “regime uncertainty”, government policies and actions that threaten property rights, in his outstanding …
|Malinvestment and Regime Uncertainty – John P. Cochran – Mises …
Oct 29, 2012 … Robert Higgs’s concept of regime uncertainty has caught on with businessmen and the press.