> Codifying existing industry best practices as regulations tends to have the effect of entrenching existing institutions in that space
In the long run, I'm not sure that's actually true. It really depends on the kind of regulation you're talking about (e.g. not so much with anti-trust regulation).
Ultimately, most people want some form of quality control. When I buy milk, I don't to have to inspect the dairy farm myself. In the end, you still have industry regulations and winner pickers, it's just that the decisions and processes that control them are behind closed doors. Trying to navigate that as a small player can be very difficult.
Regulations are a racket, but at least with government regulations, that racket is democratized.
In the long run, I'm not sure that's actually true. It really depends on the kind of regulation you're talking about (e.g. not so much with anti-trust regulation).
Ultimately, most people want some form of quality control. When I buy milk, I don't to have to inspect the dairy farm myself. In the end, you still have industry regulations and winner pickers, it's just that the decisions and processes that control them are behind closed doors. Trying to navigate that as a small player can be very difficult.
Regulations are a racket, but at least with government regulations, that racket is democratized.