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Ep. 55: Bryan Caplan on Breaking Bad Laws, Voters as Mad Scientists and the (Anti-)Politics of Overcoming Regulatory Gridlock

Stranded Technologies Podcast

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The Role of Status Quo Bias in Bad Policy

When there's a vivid rare event, people temporarily overestimate its importance. And that's when people drive through onerous regulation designed to deal with that exact problem. As time passes, basically in order to get rid of it, there would need to be a vivid event showing the regulation was really bad. That doesn't happen very often. It's much because protected by status quo bias,. Yeah. But also, it's just hard to have a really vivid thing that could have happened, but didn't. Right.

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