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> that process needs to be controlled by governmental regulatory agencies that keep predatory companies in check. Two words: regulatory capture[1]. Every time

> that process needs to be controlled by governmental regulatory agencies that keep predatory companies in check. Two words: regulatory capture[1]. Every time it looks like we're having a referee police the marketplace, it turns out that the seller owns the marketplace, and the buyers become the product. As technical types, we crave standardized purity. As humans, we may be in better shape with a bit of inefficiency in the name of liberty. [1] https://en.m.wikipedia.org/wiki/Regulatory_capture https://en.m.wikipedia.org/wiki/Regulatory_capture

bryanrasmussen 5y ago
yes I'm familiar with the concept of regulatory capture but two points - as problematic as the whole thing is there are legal restrictions on regulatory capture that you could conceivably be caught in the act and two there are no legal restrictions on standardization capture - which has more of a chance of working? >As humans, we may be in better shape with a bit of inefficiency in the name of liberty. so, if I understand the argument - because regulatory capture is a thing we should allow standardization capture and the big companies should just do what they want because they will anyway? at any rate if >Every time it looks like we're having a referee police the marketplace, it turns out that the seller owns the marketplace, and the buyers become the product. why do the big companies complain so much about being regulated if they will benefit so much from it? Is it all just masterful reverse psychology on their part?
- smitty1e 5y ago
  > why do the big companies complain so much about being regulated if they will benefit so much from it? Is it all just masterful reverse psychology on their part? I do think so. The big ones drive the legislation via lobbyists and freeze out the little ones who can't staff a compliance department.
- smitty1e 5y ago
  > so, if I understand the argument - because regulatory capture is a thing we should allow standardization capture and the big companies should just do what they want because they will anyway? My contention is that lack of regulation does not equal chaos. Does it really matter if I buy raw milk? It does to the FDA, but can we just be adults and trust tne nose?
JumpCrisscross 5y ago
> Every time it looks like we're having a referee police the marketplace, it turns out that the seller owns the marketplace, and the buyers become the product Do you have data for this frequency claim? (Or built-in supply-side bias?) Regulatory capture is a phenomenon. It is not guaranteed. Even if it were, it does not follow that suppliers—versus a pet consumer political group or powerful intermediary—will accrue the benefit.
- smitty1e 5y ago
  Yes, I overplayed the quantifier there.

bryanrasmussen 5y ago

yes I'm familiar with the concept of regulatory capture but two points - as problematic as the whole thing is there are legal restrictions on regulatory capture that you could conceivably be caught in the act and two there are no legal restrictions on standardization capture - which has more of a chance of working? >As humans, we may be in better shape with a bit of inefficiency in the name of liberty. so, if I understand the argument - because regulatory capture is a thing we should allow standardization capture and the big companies should just do what they want because they will anyway? at any rate if >Every time it looks like we're having a referee police the marketplace, it turns out that the seller owns the marketplace, and the buyers become the product. why do the big companies complain so much about being regulated if they will benefit so much from it? Is it all just masterful reverse psychology on their part?

smitty1e 5y ago
> why do the big companies complain so much about being regulated if they will benefit so much from it? Is it all just masterful reverse psychology on their part? I do think so. The big ones drive the legislation via lobbyists and freeze out the little ones who can't staff a compliance department.
smitty1e 5y ago
> so, if I understand the argument - because regulatory capture is a thing we should allow standardization capture and the big companies should just do what they want because they will anyway? My contention is that lack of regulation does not equal chaos. Does it really matter if I buy raw milk? It does to the FDA, but can we just be adults and trust tne nose?

JumpCrisscross 5y ago

> Every time it looks like we're having a referee police the marketplace, it turns out that the seller owns the marketplace, and the buyers become the product Do you have data for this frequency claim? (Or built-in supply-side bias?) Regulatory capture is a phenomenon. It is not guaranteed. Even if it were, it does not follow that suppliers—versus a pet consumer political group or powerful intermediary—will accrue the benefit.

smitty1e 5y ago
Yes, I overplayed the quantifier there.