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A lack of sturdy regulation is a large, worsening problem for the nation’s economy in all its aspects. Today’s essay outlines sorely needed advances of large scope. Ensuing columns will amplify key features. Judge the whole.
Dept. of Regulatory Science & Technology Tools move us faster than slogans. A painting can show new ways of seeing things, unless we stand too near it. It works the same with regulation.
Camps of competing interests exchange infamies over the need for regulation. Industry decries the strictness of regulations. Camps berate the enforcement of regulations.
The efficiency of regulation gets the least attention, yet is vital to the most interests.
Witness the multitude of losers from the BP oil spill. Losses from the Japanese nuclear plants spread unexpectedly far in the economy.
Fiscal losses circled the globe from shaggy banking, lending and housing practices.
Frequent news of large-scale losses pleads for regulation to be more creative.
It is high time for new ways of seeing things.
Every year the need for regulation grows stronger. The reasons are many: a world economy, global trade, rising industrial output, rapid change, growing population and the limits of resources.
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