A Quote by Edward Kennedy
Regulation has gone astray. . . . Either because they have become captives of regulated industries or captains of outmoded administrative agencies, regulators all too often encourage or approve unreasonably high prices, inadequate service, and anticompetitive behavior. The cost of this regulation is always passed on to the consumer. And that cost is astronomical.
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Yet the basic fact remains: every regulation represents a restriction of liberty, every regulation has a cost. That is why, like marriage (in the Prayer Book's words), regulation should not "be enterprised, nor taken in hand, unadvisedly, lightly, or wantonly"
The constant need for special waivers is symptomatic of poorly written public policy. It's a signal that the cost of compliance is unreasonably high; the benefits are hard to measure; and either legislators or regulators have failed to do their homework.
Applying cost-benefit analysis to regulation is no different than what most regulatory agencies do.
Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.
We've got a very poor record on unnecessary red tape; extra cost to business; people being asked to do things they don't need to; over the top regulation, misinterpreted regulation, poor guidelines.
You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.
I think there are probably too many asset management companies in the world, and I think the place to be is either big or small. The area where it is probably more difficult to be is in the middle ground, where you've got that cost of regulation, you've got the cost of buying your own research, you've got all the costs of running an asset management company without the benefits of a big income producing asset.
In my book, 'Let Patients Help,' one chapter is titled 'Let patients vote on what's worth the cost.' That's sensible, right? In other industries, consumer preference is a key determinant in prices.
With less regulation, I think you would see growth come back. Of course, there are situations where you need regulation. Antitrust regulation, for example, is a good idea because you want competition. But beyond that, it gets very difficult.
We have parts of our system which are overwhelmed by regulation. It wasn't the absence of regulation that was the problem. It was despite the presence of regulation you got huge risks built up.
I'm not in favour of a regulation-free world. I align myself with Teddy Roosevelt, who broke up the trusts. Regulation is necessary, but it should be in favour of the consumer, the citizen, and freedom.
I think (fantasy football) has become something that needs to be looked at in terms of regulation. Effectively, it's day trading without any regulation at all. When you have insider information, which has apparently been the case, when you have people who use that information, use big data to try and take advantage of it, there has to be some regulation. If they can't regulate themselves, then the NFL needs to look at moving away from them a little bit, and there should be some regulation.
Regulation - which is based on force and fear - undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.
It's clear that there has to be some play between the vitality of invention in economic life and some regulation of it, and in some ways the great ideological wars of the 20th century that cost so many lives had to do with whether to have managed economies directed by government or economies directed by the free movement of capital, which is only partially subject to government regulation.
I would think that to say 'regulations cost jobs' or 'regulations create jobs' is too simple, and we need to look at the regulation.
Features have a specification cost, a design cost, and a development cost. There is a testing cost and a reliability cost. ... Features have a documentation cost. Every feature adds pages to the manual increasing training costs.
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