For me, the sweet spot lies in acknowledging that both market failure and regulatory overreach are harmful. Unregulated markets lead to a Hobbesian world domin

For me, the sweet spot lies in acknowledging that both market failure and regulatory overreach are harmful. Unregulated markets lead to a Hobbesian world dominated by a succession of monopolies, just like markets controlled through central planning. Markets with true competition can only be sustained through continuing struggle, because companies hate competition and constantly innovate new ways to capture the regulators. The best we can do is regulators who retain their humility and exercise a light touch.