…that left out almost everybody.

It’s the worst since the Depression. For the same reasons. Because the same economic ignorami are in charge.

Laws have gotten far too detailed:

Until recent decades, law based on principles was the structure of most public law. The Constitution is 10 pages long and provides basic precepts—say, the Fourth Amendment prohibition on “unreasonable searches and seizures”—without trying to define every situation. The recent Volcker Rule regulating proprietary trading, by contrast, is 950 pages, and, in the words of one banker, is “incoherent any way you look at it.”

Legal principles have the supreme virtue of activating individual responsibility. Law is still supreme. The goals of law are centralized, but implementation is decentralized. Every successful regulatory program works this way. New airplanes, for example, must be certified as “airworthy” by the FAA. There are no detailed regulations that set forth how many rivets per square foot are required. It’s up to the judgment of FAA officials. This system works pretty well. Which would you trust more, a plane approved by experts at the FAA or a plane that was allowed to fly merely because it satisfied a bunch of rules, many outdated?

The health-care law exemplifies this problem.