As a libertarian fanboy, the words “economy” and “regulation” don’t sit well with me when used in the same sentence. Wealth redistribution? The very thought makes me shudder. Taxes? 99.5% of the time, I feel we can do without. Welfare?
You get the idea.
But I do recognize that regulation does have its place in the market. I believe that regulation works best when it either encourages competition or ensures that consumers have access to information about goods they are buying.
Before I continue, I should say that my formal economics education is limited. I’ve only taken three economics classes in college. I read blogs about economics and listen to my friends (who are hardcore economics majors) talk. Long story short, it’s safe to say that my opinions about the economy are every bit as valid as the average Joe’s, and no more than that. Continue reading