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Based on economic theory what are two of the situations in which society benefits from having...

Based on economic theory what are two of the situations in which society benefits from having government regulations? Explain how in each case.

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Answer #1

1. When govt regulates pollution. Without govt intervention there will be too much pollution and too many health hazards. The industrialists led by profit motive pollute as much as they can. Only govt can make them pay for pollution or make them reduce pollution.

2 when there is too much inflation. It destroys purchasing power of people and people loose faith in govt money. This might have disastrous consequences. Govt intervenes by keeping prices under control

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