I always think about the most heavily regulated industries and why we have the most problems with them:
1) Financial Industry: If you think they were ever deregulated in a meaningful way, you were misled. They have the most regulation of any industry to deal with even today. Proof: http://www.sipa.columbia.edu/news_events/documents/OHalloranRegulationLessons.pdf
2) Energy Industry: We even have a Cabinet level appointment and Federal Department, and we can all agree that things are not getting better.
3) Health Care: Government regulates this industry heavily, everything from what plans have to offer to who you can buy them from. The have regulations for every aspect of the health care / insurance industry.
Now think of an industry with little regulation, like the high tech industry. They are world leaders in many fields and touch our lives in important and serious ways every day, yet they function fine with almost no regulation.
I am not saying we need to get rid of all regulation, I am all for some regulation but with enforcement of contracts and transparency for the markets.
What do you think about regulation? And can you ever trust regulation not to degenerate into crony capitalism (i.e. the Government picks the winners in the market)?
ryoshi10:
Little known fact is that the companies themselves pay for the FDA inspectors.
brown 950:
The high tech industry sells many services, in fact these days the high tech industry is almost a total service industry. IBM no longer makes computer's they sell services.
1) Financial Industry: If you think they were ever deregulated in a meaningful way, you were misled. They have the most regulation of any industry to deal with even today. Proof: http://www.sipa.columbia.edu/news_events/documents/OHalloranRegulationLessons.pdf
2) Energy Industry: We even have a Cabinet level appointment and Federal Department, and we can all agree that things are not getting better.
3) Health Care: Government regulates this industry heavily, everything from what plans have to offer to who you can buy them from. The have regulations for every aspect of the health care / insurance industry.
Now think of an industry with little regulation, like the high tech industry. They are world leaders in many fields and touch our lives in important and serious ways every day, yet they function fine with almost no regulation.
I am not saying we need to get rid of all regulation, I am all for some regulation but with enforcement of contracts and transparency for the markets.
What do you think about regulation? And can you ever trust regulation not to degenerate into crony capitalism (i.e. the Government picks the winners in the market)?
ryoshi10:
Little known fact is that the companies themselves pay for the FDA inspectors.
brown 950:
The high tech industry sells many services, in fact these days the high tech industry is almost a total service industry. IBM no longer makes computer's they sell services.