If you step back further, this is just one example of many where regulators don't understand the consequence of their laws. You can extend this to any policy like gun control/rights, abortion, etc.
Some facts:
* We will never know the full ramifications regulation has on a market. It is impossible to calculate objectively the _full_ effect.
* Regulation _always_ has unintended side effects. (Alcohol prohibition and violence, etc)
* A regulator that doesn't understand the entire problem will likely increase the unintended side effects.
I totally agree with you that it is not possible for a regulator to predict the future with respect to how their decisions impact a market. However, I think that is only an argument against hasty regulation, as opposed to regulation in general.
I agree that hasty regulation would probably have more unintended side effects; however the other points still stand. Prohibition, for example, is always accompanied by a black market. There is _always_ an unintended consequence of any regulation. GDPR will likely add a tax on individuals as large companies pass through compliance expenses to us. Real privacy threats (INCLUDING THE EU) GDPR is meant to block will still continue to operate.
Some facts:
* We will never know the full ramifications regulation has on a market. It is impossible to calculate objectively the _full_ effect. * Regulation _always_ has unintended side effects. (Alcohol prohibition and violence, etc) * A regulator that doesn't understand the entire problem will likely increase the unintended side effects.