- Dr. Yaron Brook, Ayn Rand Institute
The tension between economic liberty and the state’s power to regulate economic activity has long served as a source for landmark cases and controversies. Post-New Deal jurisprudence opened the floodgates to economic regulation. In Texas, entrepreneurs who have developed cutting-edge innovations have found themselves tangled in regulatory red tape. But one’s right to engage in economic activity free from unreasonable government interference has always been understood as being in lockstep with Texas’s independent spirit. However, critics maintain that consumer protection and maintaining a level playing field are also important goals in crafting their regulatory policies. This tension has given rise to cases and legislative battles in the Lone Star State that have garnered national attention. Will Texas continue to lead the way for entrepreneurs and innovators, and how will the regulatory state affect this trajectory? What is the proper balance between innovation and regulation?
This panel took place on September 17, 2016, during the Second Annual Texas Chapters Conference in Austin, Texas. The theme for the conference was "The Separation of Powers in the Administrative State".
Panel Three: Texas and Regulation
3:00 p.m. - 4:30 p.m.
AT&T Executive Education and Conference Center
University of Texas at Austin
Gregory S. McNeal, Associate Professor of Law and Public Policy at Pepperdine School of Law, discusses the FAA’s approach to regulating the tiniest of drones: microdrones.
American technological innovation has given birth to entire new segments of economic activity. The sharing economy alone has given rise to a new class of entrepreneurs, where web platforms enable companies like AirBnB and Uber to allow the peer-to-peer sharing of houses, cars ... even lawn mowers. Connectivity and big data is driving the Internet of Things revolution, where ideas once only seen in science fiction movies (think self-driving cars) may soon become an everyday reality. And all of these innovations have been made possible thanks to the Internet, which, until recently, has benefitted from a light regulatory touch.
Unfortunately, federal and state agencies have not always welcomed innovation and disruption, even when it enhances overall consumer welfare. What can be done to embrace innovation and American leadership? What role should the state and federal governments play as new economies continue to take shape? What role should the FTC play? How will the FCC's current Net Neutrality rules impact growth? These and other issues will be explored.
This panel was presented during the Fourth Annual Executive Branch Review Conference on May 17, 2016, at the Mayflower Hotel in Washington, DC.
The Mayflower Hotel