Regulation Failure Is a Field, Not a Hole

An inherent problem with price fixing identified in basic economics is that we tend to see the proximate results of forced changes on the system, but not the more systemic results.  Moreover, fixing prices prevents us from addressing the underlying difficulties that drove them up or down in an undesirable way.
The same is true of regulation, which (it doesn’t take much work to observe) is true in this New York Times article “Scant Oversight of Drug Maker in Fatal Meningitis Outbreak”:
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