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Bad Regulation Drives Out Good

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A "flawed" but achievable arrangement is set against an (alleged) ideal, though it is left unestablished whether the ideal can in fact exist. The problem with this form of analysis should be obvious. If the ideal is not available, then the comparison is invalid and yields no practical information. If the rejected arrangement were compared to other achievable-that is, imperfect-alternatives, it might well be judged superior.

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At fee.org

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