kaal:claim:2273857-010

A regulatory framework that relies exclusively on stable and presumptively optimal rules cannot adequately address future challenges, and the amendments, revisions, and retractions such a framework generates create substantial transaction costs and uncertainty.

A regulatory framework that relies exclusively on stable and presumptively optimal rules may not be able to adequately address future challenges. Amendments, revisions, and retractions of existing rules create substantial transaction costs and uncertainty.

Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013), I. Introduction, p. 10
https://ssrn.com/abstract=2273857 · source PDF

Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857

• framework relies exclusively on stable rules

failuresupport: arguedfailure: cost of perpetual rule revisionfamily: rule-obsolescence-and-ossificationeconomics

• restated_by kaal:claim:kaal-2014-dynamicregulationviagove-009 Experimentation with different rules under the current framework of stable rulemaking carries substantial cost...

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