Megan McArdle looks at the problems of saying certain employees should get overtime pay.
I cannot recall ever speaking to anyone, in any industry, who thought that their own personal jobs would be improved with a lot of new regulations and some powerful bureaucrats to stand over them, threatening them with fines every time they stepped out of line. To the contrary, these people could wax eloquent, often very convincingly, about the ways in which new regulations would distort their business, making things worse for both them and their customers.
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