Question

• What is regulation? Why does government see a need to regulate? Differentiate between economic and social regulation. What social regulations do you think are most important, and why? What social regulations ought to be eliminated? Explain.

Answer 1

Regulation, "refers to the act of governing, guiding by rule, or brining under the control of the labour-constituted authority." In short, regulations are rules and policies that are followed by society, and if they are not followed, they have consequences – usually negative ones. The need for government oversight is crucial to the regular and equitable operation of society. The distinction between economic and social regulation is that economic regulation seeks to stop a collapsed economy while social regulation works on what is best for society and its effect on the market.

OSHA is the most important social regulations I think are important, because keeping workers safe is important. As far as eliminating any, I do not believe that I would because they are in place as a result of detrimental cases that have affected societies. All are relevant