A "regulatory sandbox" is a policy that allows a limited period of operation without regulations for businesses, which should help innovative companies to try new things without outdated rules hampering their creativity. Author Michael Lucci, writing in City Journal, explains that these sandboxes "operate from the principle that innovation evolves more rapidly than government rules can be updated."
To support his case for the use of regulatory sandboxes, Lucci cites Professor Jacob Sherkow's Illinois Law Review paper "Regulatory Sandboxes and the Public Health." Sherkow's paper compares the regulartory sandbox with the US Food and Drug Administration's Emergency Use Authorization of COVID-19 treatments and vaccines, suggesting that regulatory sandboxes may be an underutilized feature of governance. Lucci employs the same line of thinking to suggest that more widespread adoption of regulatory sandboxes could help innovation to flourish and encourage economic growth.
Read the full article at City Journal.