Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question.
I don’t make the rules, I just make it up.
Electricity should not be banned, it just needs much better government regulation and understanding by the medical profession of the full range of toxicity that it presents to the human.
It’s all very well to run around saying regulation is bad, get the government off our backs, etc. Of course our lives are regulated. When you come to a stop sign, you stop; if you want to go fishing, you get a license; if you want to shoot ducks, you can shoot only three ducks. The alternative is dead bodies at the intersection, no fish, and no ducks. OK?
(Getting Control of the Frontier, Gainsville Sun, March 22, 1995)
Recognizing that the boundaries of the market are ambiguous and cannot be determined in an objective way lets us realize that economics is not a science like physics or chemistry, but a political exercise… If the boundaries of what you are studying cannot be scientifically determined, what you are doing is not a science.