Markets will produce objective information on how consumers and producers value resources and strong incentives for both to act on this information. Regulators, they argue, are ill-equipped to act in the public's interest, as they lack current information and proper incentive to make wise decisions that will most benefit consumers. A second failing of the regulatory process is that it is often abused by competitors in a market attempting to saddle their competition with government regulation and scrutiny. Some competing markets might also use the regulatory process to delay innovation or prevent new products from reaching market. Instead of taking a product to the marketplace to allow consumers to decide whether it should be successful, many products are mired down in approval processes.
Government is among the last entities to recognize true innovation and market breakthroughs.
Critics conclude by noting that the New Deal Paradigm is just as harmful to society as the private-sector's dominance was in the late 19th and early 20th century. The public sector has usurped its rightful role and has gone too far. James Buchanan was awarded the Pulitzer Prize in 1988 for his life-long work in public choice economics. In other words, its natural that public figures will increase their power and control, just as private figures did before them. Therefore, we think the time has come to strike a balance between the three sectors.