> 2. Dario claims his critics live in a “bubble” where all regulation equals regulatory capture. He calls this an overly simplified view and notes that “Many people outside this bubble think of regulation as something that constrains corporate power and benefits ordinary people.” This argument is a straw man. Of course treating all regulation as capture would be overly simplified – but almost no one holds that view.

If my time on HN is any indication many, many people hold that view. Any call for any kind of new regulation is attempted to be shot down with references to "regulatory capture." It seems like it's one of the standard libertarian arguments.

> Stigler challenged the traditional view that government regulation arises from a benevolent state protecting the public from market failures.

Government regulation arises also from a desire to just limit or prohibit certain unwanted situations the market would otherwise support. For instance: gun regulations limiting high-capacity magazines have nothing to do with "protecting the public from market failures," and are almost certainly hated by the gun industry.

We're probably on the right track if the regulation of the AI industry is something both Amodei and Sacks hate.