The Food and Drug Administration has too many people that like monopoly power.
Well, yes. It's in any decent economics text:
https://www.economicshelp.org/wp-content/uploads/2008/02/monopolistic-competition-sr.png
This is somewhat overstated, but it gets the essential point across:
https://aeon.co/essays/we-should-look-closely-at-what-adam-smith-actually-believed
The Chicago crowd did update the idea to the modern phrase, "regulatory capture."
In defense of Dr. Fauci
Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lex-fridman-podcast/id1434243584?i=1000540919852
#238 – Francis Collins: National Institutes of Health (NIH)
Lex Fridman Podcast
Well, yes. It's in any decent economics text:
https://www.economicshelp.org/wp-content/uploads/2008/02/monopolistic-competition-sr.png
This is somewhat overstated, but it gets the essential point across:
https://aeon.co/essays/we-should-look-closely-at-what-adam-smith-actually-believed
The Chicago crowd did update the idea to the modern phrase, "regulatory capture."
In defense of Dr. Fauci
Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lex-fridman-podcast/id1434243584?i=1000540919852
#238 – Francis Collins: National Institutes of Health (NIH)
Lex Fridman Podcast