Per Bylund's book “The Seen, the Unseen, and the Unrealized: How Regulations Effect our Everyday Lives” explains how regulations affect society, and he uses Fredric Bastiat's book “The Law” to help further explain his ideas. The major idea Professor Bylund sought to explain was that in order to fully grasp the workings of an economy, you must understand the seen and unseen. This is the basis of the majority of his book, and he uses the example of a bookstore and its owner to explain his point. So when telling the story of the bookkeeper and how is son broke the store's window, he explains how the money given to the glazier extends through the trickle-down effect. So with the bookkeeper's son breaking the window the father no longer has that money to possibly buy new shoes or possibly books, he considers this as the unseen. Because had his son not broken the window the money would have otherwise been spent in a different industry. In both situations, there is a trickle-down effect and a flow from each merchant to the next. The unrealized portion of Professor Bylund's book is based more so on the effects of regulation on the economy. He states “A policy-induced shift in production is different, since it restricts or distorts,” to this he refers to how regulation halts or damages an economy. He compares the regulation to the other scenarios of trickle-down effects since in the other two situations they both occurred naturally without any governmental interference.
I agree with much of what Per Bylund writes, however, I still find that regulation can be for the betterment of society. He explains that with regulation, entrepreneurship is slowed since it is much harder for businesses to come to fruition. I do find that depending on the types of regulation it may make it harder for a business to grow, it would be nonetheless better for society. For example, before fracking had become a major issue in Oklahoma politicians could have placed a ban on fracking. This would have led to companies having to find alternative ways to ensure stability in the ground and properly dispose of wastewater. This would be a more expensive option for the company compared to fracking, but citizens within Oklahoma would not have been affected by the numerous earthquakes. So while regulations may slow the growth of a company, various regulations are better for the citizens of the country.
Finally, I think that Professor Bylund's book helps you better understand the ideas behind the school of Austrian Economics. His book thoroughly explains the belief that government intervention does more harm than good for an economy. And that in the cases of the seen and the unseen can show the natural order of how an economy works, and the various outcomes an economy can experience.
