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Finance and the Good Society by Robert J. Shiller

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Chapter 12

Regulators

Regulators as people with vision and purpose are typically omitted from discussions of financial markets. We hear a lot about energetic and effective entrepreneurs, but rarely about the people who work for regulatory agencies, whether they regulate government or industry. But in fact regulators and their intellect are fundamentally important to the financial system. It is they who make and interpret the all-important rules of the game.

Just as in sports, people in business want referees who will enforce the rules. Everyone has an interest in the game being fair. The fact that players try to push the limits of the rules or argue with referees doesn’t mean they don’t want them. In the same way, businesspeople very much want ...

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