Josh, what about regulation? Isn’t regulation making it hard to start businesses?
Regulation is a problem; there is no doubt about it. The fact that regulation is passed to make it harder for people to engage in free enterprise should be a red flag to you. The excuse of “consumer protection” is used by regulatory bodies to prevent business from growing around the world and in many industries. A perfect example of that is the taxi business in New York City. To protect the customer, the city only allows so many taxis to operate, and to be one of the lucky taxi owners you need to have the city-issued medallion. Well, this comes with a price, of course, and in 2013 the price of one medallion was $1.25 million.66 Does this amount ...