Question

How does social regulation differ from industrial regulation?

What types of benefits and costs are associated with social regulation?

Answer 1

Social regulation is defined as the regulation in general to be followed in order to maintain harmony in the society where are Industrial regulation is related to productivity, profit, loss to be followed by firms. The industrial regulation and social regulations are connected with each other in order to maintain profits for the firms and also to produce to maintain social harmony in the society.

Benefits of social regulation:
Less environmental damage reduced economic discrimination and equal distribution of resources and wealth.

Costs of social regulation:  
The costs associated with it are reduced profits and administrative costs to maintain the regulations