Regulation has gone astray. . . . Either because they have become captives of regulated industries or captains of outmoded administrative agencies, regulators all too often encourage or approve unreasonably high prices, inadequate service, and anticompetitive behavior. The cost of this regulation is always passed on to the consumer. And that cost is astronomical.
Interpretation
This quote critiques regulatory bodies for failing to effectively control industries, leading to higher costs for consumers.
Edward Kennedy's quote highlights the shortcomings of regulatory agencies that are supposed to oversee industries. He argues that these agencies either become too aligned with the industries they regulate or they are stuck in outdated practices, resulting in approval of high prices and poor service. Ultimately, this failure leads to excessive costs that are borne by consumers, raising concerns about the effectiveness and accountability of regulation.
In practice
In a speech addressing the flaws in regulatory bodies in the finance sector.
Immigrant families have integrated themselves into our communities, establishing deep roots. Whenever they have settled, they have made lasting contributions to the economic vitality and diversity of our communities and our nation. Our economy depends on these hard-working, taxpaying workers. They have assisted America in its economic boom.
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Individual faults and frailties are no excuse to give in - and no exemption from the common obligation to give of ourselves.
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It's not that other countries steal jobs from you guys. It's your strategy. Distribute the money and things in a proper way.
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It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.
What Asia's postwar economic miracle demonstrates is that_x000D_ capitalism is a path toward economic development that is potentially_x000D_ available to all countries. No underdeveloped country in the_x000D_ Third World is disadvantaged simply because it began the growth_x000D_ process later than Europe, nor are the established industrial powers_x000D_ capable of blocking the development of a latecomer, provided_x000D_ that country plays by the rules of economic liberalism.
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