Friday, April 18, 2008


Regulation has costs — both monetary and through the inhibition of innovation — which must be weighed against benefits. [snip]

Then there is a proposed Department of Transportation rule that would force infants to occupy their own seats on commercial flights, which would yield an expected savings of one life per two years — but would produce a significant net increase in risk, as studies show that parents choose to drive rather than purchase additional tickets.

Some of the worst regulatory excesses occur when the government is exercising its "gatekeeper" role, in which it must grant permission before a product can be marketed, as is the case for pharmaceuticals and pesticides.

Regulators of these products are highly risk-averse, often discounting or ignoring the costs of life-saving products that are delayed or abandoned. As a result of pharmaceutical regulators constantly raising the bar for approval, bringing a new drug to market now requires 12 to 15 years and costs more than $1 billion (in direct and indirect costs).

"The presentation or 'gift' of the Holy Ghost simply confers upon a man the right to receive at any time, when he is worthy of it and desires it, the power and light of truth of the Holy Ghost, although he may often be left to his own spirit and judgment." --Joseph F. Smith (manual, p. 69)

Be pretty if you are,
Be witty if you can,
But be cheerful if it kills you. 

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