I know it’s frowned upon many circles, but regulation can work and do good.
replyThere is plenty of crap legislation and regulation about, but it doesn’t have to be that way.
Yes, but be careful not to commit the 'nirvana fallacy' of comparing real world circumstances against idealised optimal regulation.
replySure, that's fair. But often enough I see people (not accusing you of this) doing the opposite: seeing bad regulation, and drawing the conclusion that the only solution is to remove all regulation and "let the market decide".
replyHave you ever tried to get rid of bad regulation? I have, and it is essentially impossible. De-regulation is usually the only path once the initial regulation is in place. It also only ever seems to grow in complexity and onerousness, rarely ever goes the other directin. It's like dealing with a massive legacy codebase that also has the power to throw you in jail.
replyI'm not against regulation, I think there are areas where it's needed (privacy is a good example), but it is fire, and fire should only be played with when you really need it because it can easily grow out of control and burn things you don't intend to get burned.
Have you ever tried to regulate an unregulated industry preying upon a population?
replyLook what it took to wrangle the cigarette industry. Look how unfettered gambling is ripping through the USA.
Or look at industries pre-regulation. Meat, building construction, medicine...
At minimum we have as much evidence that "the market" is capable of being as bad as "bad regulation."