My new catchphrase: “Regulation benefits incumbents”
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Discontinuities and instrumental variables look helpful, e.g.: * https://onlinelibrary.wiley.com/doi/abs/10.3982/QE338 … estimates that one type of regulation has a fixed cost, so hurts smaller firms more. * https://www.sciencedirect.com/science/article/pii/S0147596708000681 … finds "stricter enforcement of labor regulation constrains firm size"
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But I was responding more generally to the idea that we should judge regulation based on impact to large firms. I think the better benchmark is how it affects large firms *vs* small firms. Not zero-sum; reducing some forms of regulation can benefit all firms in an industry.
End of conversation
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