Planet Money Summer School Govt 4: Our National Rulemaker (Regulations)
Jul 30, 2025
Joanne-Ricard Uguet, an associate professor of political science, joins former Planet Money co-hosts Jacob Goldstein and David Kestenbaum to unravel the complex role of government in business regulation. They explore how regulations can help or hinder innovation, particularly in the bizarre case of meat patents and the absurd licensing requirements for hair braiding. The discussion raises thought-provoking questions about consumer protection versus favoring powerful interests, and highlights the challenges faced by entrepreneurs navigating these tricky waters.
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Government as Economic Referee
- Government acts as referee to manage competition and enforce rules in business.
- It sometimes protects consumers but can also shield the rich and powerful.
Purpose of Intellectual Property
- Intellectual property grants legal rights to novel ideas to incentivize innovation.
- Without protection, investing in new ideas would be less attractive.
Meat Cutting Innovation Story
- Gene Gagliardi invented a new method to cut meat that saved his family's business.
- His Steak'em product became hugely popular and he sold the business for $20 million.