Quotation of the Day…

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… is from page 13 of the great Bruce Yandle’s seminal 1983 Regulation paper, “Bootleggers and Baptists – The Education of a Regulatory Economist“:

I asked myself, what do industry and labor want from the regulators? They want protection from competition, from technological change, and from losses that threaten profits and jobs. A carefully constructed regulation can accomplished all kinds of anticompetitive goals of this sort, while giving the citizenry the impression that the only goal is to serve the public interest.