But it is much easier to determine its relative risk—in effect, comparing the potential dangers of a new product with those of the old one it would supplant.
Lesson 5: Successful regulations evaluate relative risk, not absolute risk. Establishing the absolute risk associated with a product can be nearly impossible. But it is much easier to determine its relative risk—in effect, comparing the potential dangers of a new product with those of the old one it would supplant. Regulations that require assessments of absolute risk have needlessly obstructed R&D on many innovations with no credible risks. This does not serve the public good.