Econception on One of History’s Underrated Inventions

National Review quoted CEI’s luncheon guest Tevi Troy on financial regulation

I talk about what it means to say that “complexity is a subsidy.” I heard it most recently from historian Tevi Troy at a recent event at the Competitive Enterprise Institute. It’s a true insight that complex government regulation, regardless of its specific contents, benefits large companies relative to small ones and politically well-connected companies relative to less-connected ones. That’s because they can hire the lawyers and accountants necessary to understand and exploit the rules and the lobbyists to influence how they are written in the first place.

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