The systematic study of the forms of legal institutions which will make the competitive system work efficiently has been sadly neglected; and strong arguments can be advanced that serious shortcomings here, particularly with regard to the law of corporations and of patents, not only have made competition work much less effectively than it might have done but have even led to the destruction of competition in many spheres.
I don't think we've made any substantial progress here. Conservatives oppose all regulations on principle, and liberals largely want to impose regulations to enforce fairness. But no one is really going back at existing rules and regulations and reviewing them to see how they are working or whether they could be reformed. Number of regulations or rules is not the metric to optimize for, its the effectiveness of those rules and regulations we should be focusing more on.
