'In Most Industries, Regulation Tends To Prevent Competition'

Elad Gil, writing in a blog post: In most industries, regulation prevents competition. This famous chart of prices over time reflects how highly regulated industries (healthcare, education, energy) have their costs driven up over time, while less regulated industries (clothing, software, toys) drop costs dramatically over time. (Please note I do not believe these are inflation adjusted - so 60-70% may be "break even" pricing inflation adjusted.)
Regulation favors incumbents in two ways. First, i