Daniel Klein on the FDA:
The law governing drugs is extreme: New drugs are banned until individually permitted by the FDA. The FDA also regulates the food we ingest each day, but that control is entirely different. A new food product is allowed until banned. It should comply with general standards, but it does not receive individual permission.
In a free society, people are generally free to act and torts are addressed as they arise. But when you turn it around so that every innovation is banned until permitted, as the federal government has done in the past, you create a government bottleneck that imposes costs, delays, and uncertainties—if not worse.
Read more here.