How the Airlines Became Cartels
Markets are such an essential tool for our society, but they're also easy to get wrong. Markets require regulation, whether it's in the form of contract enforcement or setting standardized terms for communication in the market. Any time there's a power differential, we need regulation.<p>That's why I wish we could get past this mindless anti-regulation political trend into a "smart regulation" political trend.  Whenever I see "regulations are bad" these days it'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's needless regulations that are bad.