How the Airlines Became Cartels
Markets are such an essential tool for our society, but they&#x27;re also easy to get wrong. Markets require regulation, whether it&#x27;s in the form of contract enforcement or setting standardized terms for communication in the market. Any time there&#x27;s a power differential, we need regulation.<p>That&#x27;s why I wish we could get past this mindless anti-regulation political trend into a &quot;smart regulation&quot; political trend.  Whenever I see &quot;regulations are bad&quot; these days it&#x27;s always associated with mindless deregulation; deregulation is a difficult thing that must be done carefully, and it has to be adjusted later on to adjust for all the unforeseen consequences. Regulations are not bad, it&#x27;s needless regulations that are bad.