They give an edge to big companies that have no problems accessing capital and whose executives are often well-connected with politicians.
by Veronique de Rugy
Reason.com
How to best ensure substantial long-run economic growth should be a question on everyone’s mind. Its benefits can’t be overstated, and it’s undeniable that the lack of growth is a root contributor to many seemingly disconnected economic and social problems. That’s the central theme of a recent podcast discussion between The New York Times’ Ezra Klein and George Mason University economist Tyler Cowen.
They both expressed support for reforms to make government less bureaucratic and more agile. For example, Cowen cited the Food and Drug Administration’s recent failure to approve COVID-19 treatments quickly enough, while also getting in the way of COVID-19 tests’ development and distribution. In an ideal world, Cowen’s sensible observation should lead to serious reform of the FDA along with other alphabet agencies that fail the American people through slow and counterproductive processes. During ordinary times these bureaucratic problems loom large enough; during a pandemic they’re devastating.