Ok, so first, my article is not an argument against technological progress. It is simply a message to say, we need to clean up after ourselves. So I’m not exactly a Luddite.

Second, the paper you cite is about government regulation and its influence on the market. That paper attempts to argue that federal regulation is a hindrance to economic performance. That may be true, however, there is something else at work here.

What my article doesn’t overtly say is that business has a hard time regulating itself. A case in point is one of the reasons for the bailout that was given to the investors in 2008. The insurance company AIG, Lehman Brothers, and Goldman Sachs, among many others, all received huge bailouts that saved them from going bankrupt. Why?

They were trading in unregulated securities, complex derivatives and it had gotten to the point that no one in the public really knew who owed what to whom. And that is just the financial industry.

Cumulatively, when we look at industrial output, we find that all industry produces waste and some, but not all, expend enormous efforts to hide their pollution. Is that self-regulation? I don’t think so.

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Husband, father, worker, philosopher, and observer. Plumbing the depths of consciousness to find the spring of happiness. Write on.

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