By Arnold Kling
In Forty Years on the Regulatory Commons, Bruce Yandle writes,
Ours is a regulatory capitalism where regulators and the regulated are intertwined in symbiotic cartel-forming ways that often make working the halls of Congress and regulator offices far more profitable for firms and organizations than struggling in labs, stores, and service organizations to earn consumer patronage.
Read the whole essay, depressing as it is. But I don’t think his proposals, to subject the process of regulation to more regulation, are the answer. I go to my all-purpose solution, of radical Federalism or competitive government, as sketched out in the widely unread Unchecked and Unbalanced (currently number 838,571 on Amazon’s list of top-selling books).