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This is CBS. I am the world.

I'm John Bachelord, 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, Cass 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 Stigler'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. Mr. Sunstein writes, 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 Cass said, which is there are a large number of accidents that take place because people have imperfect knowledge of what's going on behind them.

Generally speaking, if you're trying to talk about accidents, the basic theory says, whenever you're in transition, landing a plane, taking off and so forth, is the period of maximum risk.

Getting out of driveways in reverse, right, is exactly one of those kinds of situations. There are small children who live on residential seats.

If you're just simply looking in the side, Mary, you could overlook them. Having this thing mandated in the back essentially is good.

But the questions, however, are more complicated than that because it turns out there is a voluntary market for putting these things into place.

And at the time that the thing was mandated, large numbers of upper end cars all have these types of devices.

So then what you do is you put the mandate on and now you're going to do it with respect to all cars.

That means that the new cars that come in will in fact be better, but the higher price means that it's somewhat less likely that people have old cars will now buy new cars.

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