How are you suppoed to enter into contracts if you don't know what the law of the land is going to be in four years time? Transaction costs would increase enormously.
How are you supposed to enter into contracts if you don't know what the law of the land is going to be in four years time? Transaction costs would increase enormously."
Contracts are mostly based on Sate law. Also,some states have Sunset provisions and have a standard package of laws they pass at the beginning of each year.
As for the impracticality of so many thousands of statutes, that's rather the point.
I wholeheartedly agree that nearly every developed country is over-regulated, especially the US, having a different approach to regulating (narrowly worded, long statutes vs short, general principles) than some European legal traditions. Alas, the majority of people don't want to get strangled by regulations but at the same time want to have lots of industries regulated. I think the best shot is to inform them about the consequences of over-regulation.
It's only hugely impractical because it should have been in place from the beginning.
Maybe just make them read all of them before getting on with business? I.e. something to motivate them to reduce the word count (without of course allowing unelected bureaucrats to take up the slack with regulations that have the force of law unless struck down in the courts).