AN EXCELLENT CONSTITUTIONAL AMENDMENT...:

A lot of economic theories about asymmetric information, while logically correct, have been rendered empirically obsolete. We are not suggesting that this new world is perfect in every way, and indeed privacy is one of the major concerns. Still, the passing of many information asymmetries will lead easier trade, higher productivity, and better matches of people to jobs and to each other.

These changes also cast new light on the costs of a political system that  produces many new regulations but repeals very few old ones. The American regulatory apparatus is increasingly out of date. It is geared to problems that peaked in the previous generation or even earlier. We should revisit the topic of regulatory reform, with an eye toward making more regulations temporary, or having automatic sunset provisions, unless they are consciously and intentionally renewed for reasons of their continuing usefulness.

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