Writing Homework Help

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My post:

Government regulation of business receives a negative reception from the corporate world yet collaboration between the two sectors is necessary to mitigate the negative impacts of the lack of regulation on commerce. Companies often oppose government regulations, such as tax levies, that might appear to limit their profitability or obstruct seamless operations. Indeed, some government laws might be outdated and, thus, fail to reflect the changes in society. Others could discourage technology advancements and innovations, such as data restrictions hindering research, which could improve the public’s wellbeing (Silberberger & Koniger, 2016). While archaic policies impede economic development, regulation is necessary to foster healthy competition among businesses and protect consumers from exploitative practices.

Governments should restrict economic freedom to develop a level environment for businesses and protect consumers from exploitation. Silberberger and Koniger (2016) claim that a good regulatory framework can improve productivity by allowing companies to operate efficiently. However, while businesses recognize their responsibility to society, they might favor increasing profitability to maintain their position in the market. As they develop strategies to optimize profitability, they might violate laws, abuse labor, or damage the environment. For this reason, there is a need for government involvement in business to guarantee fair competition among companies, safeguard workers’ wellbeing, and protect the environment.

A government can restrict economic freedom in the case where business threatens to harm the environment and the public. It can promote business by providing organizations with financial support or advice in the international economic landscape. Additionally, regulations are beneficial to the public because they allow the government to establish safety policies that protect them from harm. However, when regulating economic freedom, policymakers should avoid overregulation to the extent of impeding national growth.

Reference

Silberberger, M., & Koniger, J. (2016). Regulation, trade and economic growth. Economic Systems, 40(2), 308-322.

Reply from classmate:

• Once again, you have a great post, so thank you. I do agree with almost every aspect of your writing. Being a business owner myself in the salon industry, I’ve seen how burdensome over regulation can be. In my 22 years in the cosmetology industry both in the salon as well as cosmetic art schools, I’ve watched more and more regulation come in the form of massive change within our industry, especially here in North Carolina. While regulation is needed in order to keep licensure in place, it has become simply too much. In the case of other businesses as you mentioned, there are many pros such as protection of human rights, safer working conditions, environmental protections etc. However, many times the cons outweigh the pros, in my opinion. I’ll list some cons that I think are significant below. 1. Small businesses suffer the most from too much regulation that is many times reflected in fees and costs to the business owners.2. Larger amounts of administrative work on small businesses in the form of local, state and federal mandates that require certain permits, licenses, documents, inspections, reports, etc.3. Too much regulation can hurt competitiveness within a country because people feel as if there is no need to compete when they’re going to face scrutiny due to high regulation.4. Over regulation can be both time consuming as well as costly for many businesses. 5. Regulation can cause a sense in the lessening of freedoms within a business. 6. People will simply not tolerate certain regulations and therefore do things illegal which can end up negatively impacting a business and its operations. Many times regulations are not designed well and therefore may cause more harm than good to a business as well as a businesses reputation at a local, state, national or even global level. I have seen regulation slow innovation as well as technological advances. While regulation is an important factor that must remain in place, we should take a stronger look into how politicians can implement regulation without the negative impacts, especially on small businesses (O”Rourke, P.J. 2020).O”Rourke, P.J. (2020 n.d). 26 Crucial Pros & Cons of Regulation. https://https://environmental-conscience.com/government-regulation-pros-cons/
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