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Rainfall is like regulation. Too little or too much of either is bad news for the economy.
The flood of bad news these days begs for new paths to take.
One prospect is self-regulation with a modern twist. The task is for an industry to regulate itself and self-enforce effective rules on all of its members. Experience says the task fights against human nature.
More human nature says that camps fight against anything from outside their camp that restricts how things are done.
Human nature will never change, so how can regulation be made effective and efficient?
One way is by changes that make different use of human nature. How might industry really self-enforce its own regulations and why might it work for a large problem?
First, put in place pre-set government rules that define and guard against the known environmental harms of an industry activity.
Second, hold the government’s rules in reserve, to go into effect only if industry’s self-enforcing its own rules fails to prevent the specified harms.
Measurements are key in showing the status of the harms.
Avoiding government’s rules, with their cost and bother, is the modern twist.
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