Res Publica - Journal of Undergraduate Research


In a republican society, the government must generally carry out the moral values of its constituents, ranging from physical protection to economic stability to social equality. This is done by Congress passing laws and the executive branch, upon the President approving those laws, executing them faithfully. Because the federal government is enormous, agencies and departments established for the laws can be carried out effectively. However, like any government, they are limited to a budget to carry out those laws. These agencies can easily monetize materials when estimating the policies’ impact, but it is not easy to monetize moral values. The agencies’ solution is through the willingness to pay. Therefore, by using the willingness to pay in their cost-benefit analysis, agencies can get a better idea as to what policies or regulations are most effective in implementing the moral values of the Congress and the people.