The speed of product innovation allows a new product to reach the market while formal rulemaking, which takes months and often years of procedure, is still occupied with the previous product launch.
Source quote, verbatim
The speed of product innovation makes it possible to bring a new product to market while formal rulemaking in the existing regulatory infrastructure, taking months and often years of regulatory procedure, is still dealing with the last product launch.
From
Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017), III. THE FACTUAL BASIS OF MODERN REGULATION, p. 12 https://ssrn.com/abstract=2834531 · source PDF
Cite as
Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531
Holds when
formal rulemaking in the existing regulatory infrastructure
Classification
failuresupport: arguedfailure: regulator chases the last productfamily: regulatory-lagdynamic-regulationinnovation
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