Regulation is a waste of resources says economist


He bemoans the fact that legislators when faced with any problem legislate. "Their first response is to inhibit, to raise the barriers. This stops competition," says Nightingale.

He believes regulations, particularly in financial services are "an expensive waste of time". He points to the fact that the market is usually the best policeman. Nick Leeson, the rogue trader whose unchecked risk-taking caused the biggest financial scandal of the 20th century culminating in the collapse of Barings Bank

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