ABSTRACT
Regulation alters the pattern of entrepreneurial discovery away from one that is purely driven by consumer sovereignty to one that is driven by the whims of government bureaucrats. Nevertheless, in order to meet regulatory requirements enacted during the energy crisis of the 1970s. Which was essentially over by 1980—America's automotive engineers and their employers are compelled to spend untold thousands of man-hours and unimaginable sums of money "discovering" the means of manufacturing smaller and smaller cars, even though few Americans want to buy them. Finally, it should also be pointed out that one further result of the pervasive regulation of virtually everything in American life is an increased degree of bribery and corruption of regulators and politicians. American corporations spend large sums of money and inordinate man-hours lobbying legislatures for favorable regulatory treatment for themselves and, at times, for unfavorable treatment for their competitors.
