Being here in New York made me take notice of this small story about how car insurance premiums are high here despite record earnings and declining losses. Ironically, this has induced calls for more regulation. But an industry spokesperson said insurers would lower rates, except for the fact they have trouble getting rate declines approved promptly by bureaucrats. This makes sense. In a commercial field, someone will always trade high profits for improved market share — if competition is allowed to flourish. This has been studied so extensively and thoroughly it’s hardly worth arguing about, yet the same problems occur again and again where regulations deny price competition.