An insidious fallacy of contemporary policy-making holds that regulation creates jobs. The argument: Regulation necessitates investment, and investment breeds jobs. Adherents to this view support their case by citing expenditure on projects instigated by new regulation and pointing to consequent hiring. To call that job creation ignores much, including costs elsewhere in the economy and the ephemeral nature of employment unaffiliated with profit. The fallacy welters in a study purporting to support claims that two new rules of the US Environmental Protection Agency will create nearly 1.5 million jobs. 'Jobs will be created' "As companies invest in upgrades to their older, less effici...