The argument for regulation is remarkably easy: there is an evil out there, a wrong, and if only a law or regulation was passed to control it, to constrain it, to prevent people from doing it, our world would be better. It’s not that this is a bad argument, or that it’s necessarily wrong, but that it’s a facile argument. Just like the latest slogan from the White House, “1 is 2 many,” it sounds great but for the flip side of how many people must be harmed to get that “1”?
At Overlawyered, Walter Olson posted a fascinating lesson in harsh reality:
After a long career as a member of the U.S. House of Representatives deeply unsympathetic to business concerns, he became a restaurant owner in Washington, D.C., and discovered a lot of things worth knowing about how the world works.
He was speaking of David Bonior, “former Michigan Democratic congressman, liberal pit bull, academic, antiwar firebrand and labor-union BFF.” Continue reading

