Democracy Needs Regulation

Arguments that justify regulating markets — externalities, information problems, principal‑agent failures, and behavioral biases — also apply to democratic decision‑making. That implies democracies should consider non‑laissez‑faire rules (e.g., civics incentives, stricter ad regulation, supermajority thresholds, promise‑tracking and penalties) to reduce collective harms and misinformation. — If accepted, this reframes common democratic norms and opens debate over eligibility, speech limits, and institutional design with far‑reaching effects on legitimacy, participation, and policy outcomes.