Living in the dynamic times of the information age, we continue to experience the inevitable battle of forces when the existing regulatory system is unable to adequately address the degree of innovation present (and expanding) in our economy. Approximately 15 years ago, this dynamic played itself out in the digital music arena, where peer-to-peer sites led the way for instant music downloads. The regulatory system at the time was woefully unable to adapt to the innovation. Inevitably, the innovation won out – we now download music from iTunes and CD stores are a thing of the past.
Today, the landscape of the struggle is seen in the sharing economy. Uber, Lyft, AirBnB, and a long line of market innovators continue to press existing regulations to unleash market forces. JMI continues to promote the principles of limited government and the advancement of free enterprise by supporting innovation over regulation.