"Growth and regulation"

A piece by noted economist John Cochrane that will ruin your week: maybe the slower growth of the last few decades is due to regulation. Even worse the market doesn't seem to be correcting it.

If all this adds up, though, it asks the question just why "policy-making" technocratic elite, who have been so wrong about so much for so long remain able to impose such things on the rest of us. Why are they so immune from competition?