Blake Scholl

So everybody wants clean air, and clean water, and food that's safe, and drugs that work, and airplanes that don't crash, obviously.

Okay, but we have to take some risks, so who gets to decide?

Well, if it's related to environment, there's a monopoly called EPA that has that decision.

If it's related to airplanes, there's a monopoly called FAA that has that decision.

If we're talking food or drugs, there's a monopoly called the FDA that has that jurisdiction.

If they ever approve anything that doesn't work, they're in big trouble.

By the way, it happens.

FAA approved the 737 MAX.

FDA famously approved thalidomide.

When they let one thing through that maybe wasn't so good, now they're in real trouble.

If they hold up something that is good, kind of nobody notices.

And so it creates this like asymmetric bias towards conservatism.

And this is not anything about anybody at any of these agencies.

There are many great people at these agencies trying to do good work.

But fundamentally, the incentives are all tilted.

And we've monopolized risk decisions.

And put that aside at one point.

The other point is that in many cases, we have to ask for permission before we can go do things.

Like imagine we drive to work the way we build factories or airplanes.

Well, we'd have to get permission every day.