Summer School 4: Who are all these regulations protecting?

This episode of Planet Money Summer School examines the government's role as an economic referee, focusing on intellectual property and safety regulations. The episode features Joanne Ricard-Huguette, a political science professor, who discusses why governments intervene in business, particularly regarding patents and regulations. The podcast presents case studies, including the story of Gene Gagliardi, who patented new methods of cutting meat, and Justina Clayton, a hair braider who faced licensing issues in Utah. The discussion explores the balance between encouraging innovation through patents and the potential for these protections to stifle competition, as well as the trade-offs between safety regulations and free market activity, including the concept of regulatory capture, where agencies may prioritize special interests over the public good.