much of it is likely to be counterproductive. My longtime colleague, George Stigler, was famous for his argument, buttressed by empirical evidence, that regulators are eventually captured by the regulated. As a result, regulation often has results opposite those intended.
---- That's Chicago Business School's Gene Fama talking
More here.
Correct me if I am wrong, I think Hong Kong's financial sector czar Dr Chan Ka-keung was Gene Fama's student. Wonder what he thinks of his mentor's thoughts on the matter.
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