Government Regulation

Paper Summary:

This paper offers two essays, one supporting the need for government regulation, the other denying it and supporting deregulation. The first notes that government regulation is necessary to assure safety, to prevent disease, to protect the rights of the individual, and to assure a level playing field in business. While one might argue that certain specific regulations are over-reaching or unnecessary, one must support the idea of regulation itself.

From the Paper:

"Government regulation is necessary to assure safety, to prevent disease, to protect the rights of the individual, and to assure a level playing field in business. While one might argue that certain specific regulations are over-reaching or unnecessary, one must support the idea of regulation itself, which after all was only undertaken once it was clear that the marketplace would not be effective in certain areas, such as enforcing safety rules, protecting consumers from fraud and misrepresentation, and reducing predatory practices on the part of business. Regulation typically refers to governmental efforts to control individual price, output, or product quality decisions of private firms in an effort to prevent purely private decision-making that would take inadequate account of the public interest. The first modern regulatory agency was established by Congress in 1887--the Interstate Commerce Commission--to control railroad rates. By the 1960s, government regulation was commonplace in the transportation..."

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