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Why are people shocked to find stores running out of #essentialgoods, #hospitals suddenly lacking supplies and equipment (even beds), the general lack of flexibility by actors, whether #government or #privatebusiness, to respond to the crisis? It is exactly what we should expect
from an economy that is heavily regulated. So, we need to talk about #regulations, because they are at the core of many of the problems we are dealing with. Regulations make economies function poorly--and much, much *worse* in times when we need solutions urgently. People have a
romantic view of regulations as something inherently beneficial, but the fact is that they are simply restrictions: regulations stipulate that some actions are not allowed or are otherwise penalized (added cost, such as a fine or tax). In normal times, this means it is more
