1. Lawyers and bureaucrats regulate, but markets circumvent regulation.
2. Regulations are static. Markets are dynamic.
3. Regulation is most effective when it changes the incentives of the regulated.
Thursday, February 23, 2012
Three Laws of Regulation
Alan Meltzer’s Three Laws of Regulation from his book Why Capitalism? . h/t Ira Stoll's book review, Why Capitalism Isn't Going Anywhere.
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