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They know what they're doing. The problem is that they're biased. It's fundamentally the same issue that plagues financial regulation. The people who are the m
by gamble 16y ago
They know what they're doing. The problem is that they're biased.
It's fundamentally the same issue that plagues financial regulation. The people who are the most qualified to understand the technological and regulatory issues are the most biased, because almost by necessity they're products of the same industry they're supposed to regulate.
- rfugger 16y agohttp://en.wikipedia.org/wiki/Regulatory_capture http://en.wikipedia.org/wiki/Regulatory_capture
- noibl 16y agoOn reading more about this I was depressed to see very little in the way of proposals to avoid the phenomenon, except (surprise! it's Stigler) don't regulate. But I did find some interesting ideas at the end of this paper: http://www.icgg.org/downloads/Boehm%20-%20Regulatory%20Capture%20Revisited.pdf http://www.icgg.org/downloads/Boehm%20-%20Regulatory%20Captu... (pp. 23-24)