This is a fascinating piece of historical context. Regulation has a demand side, nut just a supply side. Worth keeping in mind. Likewise, the public tends to

This is a fascinating piece of historical context. Regulation has a demand side, nut just a supply side. Worth keeping in mind. Likewise, the public tends to demand regulation when the cognitive overhead is prohibitive for an individual,[1] bur more economic at scale by a neutral party. The latter is especially efficient ex ante as opposed to ad hoc. Again, there are multiple views on what is rational, light and efficient depending only on abstraction and completeness. [1] Eg, when faced with too much choice, under too small a timeframe, with opaque or imperfect information, and costly information processing techniques.