Unregulated entities in this sector have different risks than regulated ones and their supply, demand curves are typically out of whack, Becker says.

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Maybe it would be better if we had a monetary system in which the supply of money was regulated in some other way.

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Kevin Morgan, a professor at Cardiff University and the author of The School Food Revolution, a book about the supply chain behind cafeteria food, said the supply network was complex and should be better regulated.

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The UK supply chain for alcohol is supposed to be tightly regulated, but the BBC has found armed gangs and even paramilitaries have muscled into the duty fraud market, which, according to HMRC, is now run by organised criminals.

BBC: Calling time on alcohol smuggling and drinks duty fraud

They first look at tightly regulated metropolitan markets, like Boston, Massachusetts, with a meager supply of land and strict zoning regulations.

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