What is regulation?

As a followup from yesterday’s post on regulation, here is a link to an excellent article by David Boaz of the Cato Institute entitled “What is Regulation?”. He touches on a few topics I would like to blog about further and that I have been reading about lately, including spontaneous order. The purpose of his short article is to clarify the nature of the work of Elinor Ostrom and Oliver Williamson, the two recent recipients of the Nobel Prize in Economics. As a layman, I am not that familiar with their work but a recent article by David Henderson in the Wall Street Journal sums it up nicely.

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