Regulation. This is one of the market failures caused by excessive regulation. To make a chair you requires so much paperwork that only a small number of busi

Regulation. This is one of the market failures caused by excessive regulation. To make a chair you requires so much paperwork that only a small number of business can do it. I especially like the regulations that make sure only those who need the chair get it, to reduce medical costs, but in the process all the paperwork dramatically drives up the costs.