Comment Re:the endgame is ironic here (Score 1) 289
you need to protect society from capitalism's extremes. if some of those protections and regulations have problems, those problems are tiny compared to no protections or regulations. protections and regulations can be cleaned up and refined, but never removed. to not understand why less protections and regulations is far worse is to not understand the topic
The problem with this type of prioritization (which many markets, especially labor markets, are currently experiencing), is that free markets have many checks and balances from competition, consumers, and reputation that are sorely lacking in the regulatory system. What that means is that regulators regulate based not on the best information and feedback, but based on self-interest and political influence without regard to actual impacts on the macro economies. Capitalism uses self-interest as a driver as well as a check, as consumers and producers work toward a mutually beneficial equilibrium. These checks do not exist in the monopoly of regulation and power brokering, which can result in either regulatory capture by influential market players, or the destruction of market players by regulators seeking political power. The political system in the US, most clearly at the federal level but also in some of the local levels as well, simply isn't as responsive to the desires of its constituency or the available market information as it needs to be. This leads to many harmful interventions. Ethanol requirements are a good recent example of harmful regulation hurting markets and consumers. Uber and Lyft are challenging regulators that have created virtual monopolies for cab companies, and have blocked those companies from providing services in many places. People building "tiny homes" often find there are localities where their choice of housing is illegal due to regulations from one direction or another.
protections and regulations can be cleaned up and refined, but never removed
That's not a feature - it's a bug. Regulations live on, grow, and are defended even where they are unnecessary or harmful.