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Role of Government Economic Regulation Term Paper

Pages:7 (2122 words)

Sources:1+

Subject:Government

Topic:Unfair Labor Practices

Document Type:Term Paper

Document:#20881408




All it is really accomplishes is forcibly transferring wealth from one party to another.

These transfers can actually create new market failures by forming barriers to market entry, and creating unfair competitive advantages through subsidies, tariffs, tax-breaks and regulations that favor one party over another.

Fundamental to the notion of government regulation is that its purpose is to eliminate unfairness in competition. However, powerful businesses have huge influences on policy making in the United States that make this an ideal rather than a reality. They hire lobbyists, create ad campaigns, and court politicians to gain influence. Companies compete for bureaucratic power just as much as they do for market power.

Because of the advantages government regulation can offer, firms try to out-regulate each other rather than to just out-compete each other in the market. Government regulation has invited businesses to become involved in government and the best way to put an end to this is to get government out of business.

6.0 Conclusion

Government regulation isn't working, but it's not because of evil people or because issues are too complex and having too many competing objectives to resolve. Adam Smith was right when he coined the metaphor of the invisible hand to illustrate how those who seek wealth by following their individual self-interest, inadvertently stimulate the economy and assist society as a whole. Markety dyanamics, by their very nature, are more efficient because all factors possible are considered and because the consumer is the better regulator as the laws of supply and demand eventually take hold. In the interim, there are market failures, but government regulation doesn't fix them.

Bibliography

Capitalism. http://wiki.objectivismonline.net/wiki/Capitalism

Conigliaro, a., Elman, J., Schreiber, J. And Small, T. "The Danger of Corporate Monopolies." http://cse.stanford.edu/class/cs201/Projects/corporate-monopolies/index.html

Franco, Nicholas C. "Corporate Environmental Disclosure: Opportunities to Harness Market Forces to Improve Corporate Environmental Performance." U.S. Environmental Protection Agency. 8-11 Mar. 2001. http://www.rosefdn.org/images/EPA.Disclosure.Study.pdf

Invisible Hand." http://en.wikipedia.org/wiki/Invisible_Hand

Mullen, Patrick. (2006, May). "They Wrote the Book on Fixing the System." Managed Care. Retrieved from Web site: http://www.managedcaremag.com/archives/0605/0605.qna_porterteisberg.html (Accessed 16 Feb. 2007).

Price Controls." http://www.hawaii.gov/lrb/rpts95/petro/pet10.html

Rivlin, Alice M. "Why Can't We Get Things Done."

Tanner, Michael. "Health Care Reform: The Good, the Bad, and the Ugly." Cato Policy Analysis No. 184. http://www.cato.org/pubs/pas/pa184.html von Mises, Ludwig. Cited in Brownfeld, Allan C. "The Inherent Inefficiency of Government Bureaucracy. http://www.libertyhaven.com/theoreticalorphilosophicalissues/protectionismpopulismandinterventionism/inherentinefficiency.html

Younkins, Edward. "Government Regulation: Enemy of Individualism." 15 Aug. 2000. http://www.quebecoislibre.org/younkins12.htm

Rivlin, Alice M. "Why Can't We Get Things Done."

Conigliaro, a., Elman, J., Schreiber, J. And Small, T. "The Danger of Corporate Monopolies." http://cse.stanford.edu/class/cs201/Projects/corporate-monopolies/index.html

Price Controls." http://www.hawaii.gov/lrb/rpts95/petro/pet10.html

Franco, Nicholas C. "Corporate Environmental Disclosure: Opportunities to Harness Market Forces to Improve Corporate Environmental Performance." U.S. Environmental Protection Agency. 8-11 Mar. 2001. http://www.rosefdn.org/images/EPA.Disclosure.Study.pdf

Younkins, Edward. "Government Regulation: Enemy of Individualism." 15 Aug. 2000. http://www.quebecoislibre.org/younkins12.htm

Tanner, Michael. "Health Care Reform: The Good, the Bad, and the Ugly." Cato Policy Analysis No. 184. http://www.cato.org/pubs/pas/pa184.html

Mullen, Patrick. (2006, May). "They Wrote the Book on Fixing the System." Managed Care. Retrieved from Web site: http://www.managedcaremag.com/archives/0605/0605.qna_porterteisberg.html (Accessed 16 Feb. 2007).

A von Mises, Ludwig. Cited in Brownfeld, Allan C. "The Inherent Inefficiency of Government Bureaucracy. http://www.libertyhaven.com/theoreticalorphilosophicalissues/protectionismpopulismandinterventionism/inherentinefficiency.html

Capitalism. http://wiki.objectivismonline.net/wiki/Capitalism

Invisible Hand." http://en.wikipedia.org/wiki/Invisible_Hand


Sample Source(s) Used

Bibliography

Capitalism. http://wiki.objectivismonline.net/wiki/Capitalism

Conigliaro, a., Elman, J., Schreiber, J. And Small, T. "The Danger of Corporate Monopolies." http://cse.stanford.edu/class/cs201/Projects/corporate-monopolies/index.html

Franco, Nicholas C. "Corporate Environmental Disclosure: Opportunities to Harness Market Forces to Improve Corporate Environmental Performance." U.S. Environmental Protection Agency. 8-11 Mar. 2001. http://www.rosefdn.org/images/EPA.Disclosure.Study.pdf

Invisible Hand." http://en.wikipedia.org/wiki/Invisible_Hand

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