Government Regulations
To quote Jamie Dimon of JP Morgan Chase before Congress on June 13, 2012, "Lets not throw the baby out with the bathwater", ... "I believe in strong regulation, not necessarily more regulation".. He clarified by saying that continuing to add regulation on top of bad, ineffective regulation would just make it more complex and costly and less effective, meaning be a little thoughtful about the regulation that you impose on business. That is the common sense approach. People are concerned when they hear that Congress invites industry experts in to discuss development of laws and regulations for fear of watering down the law/regulation. So, that means they would rather have politicians in Congress who DO NOT understand the industry, develop a new law/regulation on their own? That hurts the industry, the economy and the employees and clients of the industry in question. If Congress is the "executive" representing the people of the US, they should use industry experts and make strong and proper executive decisions that create effective laws with with the best interests of the country in mind, and with out political maneuvering.

Risk, Regulation, and the Innovation Slowdown

10/16/16
from CATO Institute,
9/1/16:

Conventional wisdom seems to hold that the world is moving faster and faster — that the pace of innovation is accelerating. And why not? The digital surge since 2007, when the first iPhone was released, has had a visible impact on the way we live our lives. New scientific discoveries leave us in awe. Driverless cars are arriving on our roads, drones delivering goods will soon fly over our heads. Advanced surgery can be done by robots, monitored by remote surgeons, and the revolution in robotics has just begun to reshape how the service sector is organized. And then there is modern medicine. Biomedical innovation has turned diabetes, heart disease, and HIV into chronic diseases rather than a death sentence. There are close to 1,000 new cancer drugs using frontline genomics in clinical development, many of which will be far more powerful fighting tumors and metastases than existing drugs and chemotherapy. By 2030, say some geneticists, the world will have cured cancer. Yet for all the impressive results of science, why are we still talking about curing cancer in the future? Why aren’t we curing it now? Why did we not cure it 30 years ago? Cancer has been a known cause of death for several hundred years. Its genetic source was discovered more than a century ago. The “war on cancer” did not begin with President Nixon’s famous National Cancer Act in 1971, but with the creation of the American Cancer Society in 1913.

Frustration with the slow progress of innovation shouldn’t stop with medical science. The slowdown of innovation is a much broader problem — and a growing one. It has nothing to do with limits to human ingenuity but rather reflects the flaws in the type of capitalism that has evolved in the West over the past 40 years. That was not what Joseph Schumpeter, a great theorist of innovation, sketched in his 1942 book Capitalism, Socialism and Democracy. Like Karl Marx, Schumpeter had a firm belief in the innovative capacity of capitalism. The capitalist system, wrote Schumpeter, was a “perennial gale of creative destruction.” In the end, however, it would become a casualty of its own success: capitalism would innovate itself to death. “Capitalism,” Schumpeter argued, “is being killed by its achievements.” Schumpeter came to regret his apocalyptic view of the economic and social fabric of innovative capitalism, yet now his dystopian vision has been given new life with warnings that innovative capitalism will put millions of workers in the developed world out of work. It has long been known that robots can replace muscle and manual labor. But now, we are told, they are “coming to an office near you,” as the cover of The Economist magazine recently put it. Smarter, stronger, and more adaptive than white-collar graduates, the robots will put office workers out to pasture. Those of us with a college education are now at risk of losing our jobs because of artificial intelligence, supercomputers, and other innovations that will steal our jobs. It is not surprising, therefore, that studies have shown Americans fearing robots more than death.

The prophecy is wrong, however — and that’s not good news. It would be great if the West were on the threshold of a new age of fast-and-furious innovation, because that would boost the economy and give everyone new economic opportunities. Our economy, however, does not encourage innovation, experimentation, and competition as much as it should, and could. If you consider what political and corporate leaders are up to, the Western economy is not preparing for an innovation feast but an innovation famine. Companies doubt there is a payoff from investment in radical innovation — and political leaders refuse to recognize that more and faster innovation requires radical changes in regulation and government behavior.

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