[lordnacho]

He makes some good points about regulation. You don't want to do it in a way that people take a chance in order to pay a small fine in case things work out, while others play by the rules and miss out.

But you also can't see regulation as a kind of mass, as in "lots of regulation bad". You can make good rules and you can make bad rules, it's not a question of "there's a lot or a little".

Finally, regulation is also a kind of value system. Like a garden, if you have no rules at all, things will grow. If that's all you care about, then you'll be happy with weeds growing all over the paths. In practice, you will care, and you will cut out some of the growth because you don't like it. There are plenty of businesses this has happened to, like tobacco and gambling. Your GDP will be lower than if you just allowed it, but that doesn't make it worse.