Lesson from India’s aviation market failure: The Invisible Hand is theory but regulation is a must
The problem with regulation may not always be intent, since regulators are thoughtful and principled, but capacity. The state needs specialist multidisciplinary skills if it is to effectively govern sophisticated markets. Economics, law, data science, behavioural psychology, to name a few, along with honesty, must inform their toolkit. Without it, we risk regulatory capture.
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