> Unfortunately, a lot of people think of regulation as just picking from a menu of policy choices, and fail to realize that what you’re really doing is designing economic systems and markets.

A lot of these people vote and donate to candidates! Some even get elected to office. Therefore you cannot dismiss their impact on the regulatory process, even if you would like to.

Because it is ultimately the political process that determines which people--which personal philosophies--will have the resources and power to make regulations.