> I think an under-appreciated effect of regulation is making participation in the market easier. As a consumer — but it also makes it significantly more diffi

> I think an under-appreciated effect of regulation is making participation in the market easier. As a consumer — but it also makes it significantly more difficult to participate as a producer. This is why existing firms are so often pro-regulation: they have the resources to absorb the initial hit and then pass the costs on to consumers, while an upstart has to raise the resources to pay for the hit before having a single customer.