> If regulation was focused on function it would be less expensive and yield better results for society. ... and that would actually require that those in char

> If regulation was focused on function it would be less expensive and yield better results for society. ... and that would actually require that those in charge of regulations would be technical enough to understand the complexities involved. If you're that good with technical matters and can confidently reason about the wider second- and third-order effects, you are likely to have a bright - and better compensated - future in the industry at large. If you are a regulator, you have to confront two facts. 1) that the most competent will either never be available or will leave at the first opportunity; and 2) that box-ticking is much easier to measure. In the end, you have to ask yourself who are you left with?