The question is not whether we would have “more efficient and more effective regulation” but whether we would have regulations that more closely follow the value preferences of the American people. Existing regulatory decisions are not made by “scientists and engineers” who have regulatory authority due to their independent expertise, but by executive and independent agencies that are headed by political appointees who are granted regulatory authority by Congress. Their regulatory decisions are informed by scientific and technical information, but the ultimate regulatory choices are based on normative judgments – whether it is worth imposing X amount of costs for Y benefits, whether it is fair to impose particular costs, risks or burdens on particular segments of the population, whether environmental gains in one area are worth safety or environmental losses in another, and so on. These are legislative policy judgments for which legislators should be held accountable.
Regulation is always a tradeoff...never a scientistic true-false question. Worth remembering.