We’ve been taught about the deregulation wave of the 80s and 90s but there really wasn’t a simplification of the rules back then. The rules just kept increasing unabated.
Rules serve only one customer - the incumbent who writes them - directly or through their proxy.
Less rules create more competition. More competition always disrupts incumbents. Fewer incumbents drives more dynamic and quicker cycles of wealth and income redistribution.
But as long as the rules keep getting more and more complicated, incumbents will benefit despite any real effort or skill.
That seems dumb.
Rules serve only one customer - the incumbent who writes them - directly or through their proxy.
Less rules create more competition. More competition always disrupts incumbents. Fewer incumbents drives more dynamic and quicker cycles of wealth and income redistribution.
But as long as the rules keep getting more and more complicated, incumbents will benefit despite any real effort or skill.
That seems dumb.
