Main reason why regulations are popular is that for most people, regulation=improvement But that's wrong The truth is regulation=constraint Improvement is to regulation what success is to business idea Need careful planning, pragmatism, close monitoring and luckhttps://twitter.com/nytimesbusiness/status/946014493997453313 …
Agreed. Good regulation needs careful planning, pragmatism, and close monitoring. And these things require good people who are properly incentivized to drive these outcomes. But in most countries, bureaucrat jobs attract the lazy, corrupt, stupid, and risk averse.
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So if you want to really improve regulation, dont change the regulations. Don't change the bureaucrats. Those are symptoms, not the disease. Change the systems and incentives that caused the bureaucrats to behave how they did and you will get long term improved governance.
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OK but I don't have the slightest idea of how to build and maintain a proper incentive structure for regulators
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