Shorter Paul Krugman: “Regulation works, except when it doesn’t.”
Notice the desperate attempt to separate the making of tort law from other types of regulation that supposedly work. Notice as well the silly, without-foundation claim that a bureaucracy will do a good job if only we are nice to it.
All of this, of course, is a follow up to Krugman’s unfair and hyperbolic attack on Milton Friedman and libertarianism. Like most of Krugman’s political philosophy critiques, his writing is more ambitious than it is persuasive.