Sam Peltzman of the University of Chicago talks about his views on safety, regulation, unintended consequences and the political economy of bad regulation. The focus is on his pioneering studies of automobile safety and FDA pharmaceutical regulation and the perverse incentives that even good intentions can produce.
Home-made deregulation, AIDS epidemic. World without the FDA, counterfactual (baseline comparison)
Why do these regulations persist?
Mailbag (Time mark 47:56)
On Ticket Scalping and Opportunity Cost: Josh Knox asks his friends a question posed by Mike Munger: Why am I reluctant to buy a ticket from a scalper for $1000, but likely to use one--rather than sell it for $1000--if I find it on the ground? Is that irrational? Maybe it's fear of fraud or the underground element in dealing with a scalper.