Just to clarify, I didn't mean regulatory friction makes it easier to do things that are risky. I think regulation is pretty much entirely successful at making

Just to clarify, I didn't mean regulatory friction makes it easier to do things that are risky. I think regulation is pretty much entirely successful at making that harder. What I meant is that, in my view, regulations that reduce the chance of tail risks by let's say X% often seem to increase the friction on making improvements by more like say 2X%. Of course this isn't scientific or anything, but it's my intuition, that the trade-off doesn't seem to be 1:1 when you take on some friction to reduce the likelihood of some tail risk.