• Arne Mortensen

Regulations need to be vetted

I have said that bureaucratic regulation is responsible for limiting opportunities for business and consequently the creation of jobs. Before we embrace them, regulations should have some bearing in verifiable fact that they provide a benefit to the public. Frequently, regulations protect entrenched interests from competition. I have two problems with that kind of regulation: One, it is immoral to prevent someone else from earning a living; two, such rules impede progress and lead to mediocrity in which the public suffers.

Ultimately, those who shelter themselves by these coercive means will fail themselves and all of us. This article by Walter Williams gives us one current lesson about this topic.

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