[londons_explore]

Although there are also typically very good reasons not to regulate the industry, which will never be discovered if the industry is regulated.

For example, imagine that engines were regulated earlier, because steam engines could blow up and kill people. That's a good reason to regulate steam engines. But then we probably would have never invented other engine types like gasoline engines and jet engines. With that, we'd never have invented planes or flight, because a regulation steam engine would have been too heavy.

[RandomLensman]

Steam engines were in a way self-regulated by industry in quite a few countries from about mid-1800s (because of the boiler explosion risks).

[omgwtfbyobbq]

Why would regulating steam engines have led to never inventing other types of engines?

[UncleEntity]

Because the engines would have to conform to the strict mandates of the regulations and any innovations would have to seek regulatory approval with the usual ‘regulatory capture’ rules in effect.

[ethbr0]

See: nuclear power