This is the Schoolhouse Rock version that ignores the real phenomenon of regulatory capture, formalized by Stigler way back in 1971.
“We propose the general hypothesis: every industry or occupation that has enough political power to utilize the state will seek to control entry. In addition, the regulatory policy will often be so fashioned as to retard the rate of growth of new firms.”
You’re never gonna get these people to understand basic economics if they don’t already. It’s mindblowing people do not understand that more regulation = more red tape = less competition as the only companies that can afford to do business in that environment are the ones already in power with resources. Taxation and regulation genuinely only further embed those in power. Ironically, most leftists that advocate for more taxation and regulation in an effort to help the poor and working classes seem to have no grasp of economic realities at all.
“We propose the general hypothesis: every industry or occupation that has enough political power to utilize the state will seek to control entry. In addition, the regulatory policy will often be so fashioned as to retard the rate of growth of new firms.”