This is

this is CBS, I on the world. I'm John Batsworth.

Professor Richard Epstein of the Hoover Institution. We're discussing

competitiveness, anti-competitiveness, monopoly, bigness, but I want to get

very specific here because Richard's colleague, Kast Sunstein, who has served honorably in one

or more administration, certainly in the Obama administration

and now sympathetic to the Biden administration, has written in protest of George Stiggler's

idea that industry acquires the regulatory body or makes

the regulations work for the industry and he objects on the basis of several instances where he participated during

the Obama administration in new regulations.

The one that seems most neutral to me, Richard, Sunstein Rice in 2014 the Department of

Transportation issued a final rule mandating rearview cameras in new motor

vehicles. The rule was strenuously opposed by automobile companies.

It was projected to impose more than 600 million in annual costs.

Mr Sunstein, if I understand correctly, is saying,

this was for the public good, we did it without factionalism in the government

and the industry did not benefit from it do I read him correctly and is he accurate?

Well I mean it's complicated again. There's certainly the

following argument that could be made in favor of what K

said which is there are a large number of accidents that take place

because people have imperfect knowledge of the what's going on behind them.

Generally speaking, if you're trying to talk about accidents, the basic theory says whenever

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