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The cycle of regulation

Tweet [1]

Wisdom from Arnold Kling [2]. His fundamental insight is that each round of regulation fixes the last set of problems and creates the conditions for the next crisis. We're always fighting the last. war. My question—do we keep making the same mistake over and over because politicians and the rest of us don't notice the flaws or because the politicians have the incentive to pretend to fix something even though it's going to lead to the next disaster?