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Is Political Pressure From Producer Groups, Rather Than Consideration Of Market Failure, That Explains Governmental Reliance On Regulation. Discuss
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It Is Political Pressure From Producer Groups, Rather Than Consideration Of Market Failure, That Explains Governmental Reliance On Regulation. Discuss... Regulation is a state-imposed limitation on the discretion that may be exercised by individuals or organisations, which is supported by the threat of sanctions.i It is common knowledge that politicians have an incentive to get re-elected and to maintain power and control. So, while the Government likes taxation and depending on ideology, nationalisation. It must consider the backlash of its decision, concerning the welfare of all parties concerned. Taxation tends to affect the welfare of both consumers and producers. Regulation on the other hand still allows for the allocative and productive efficiency of any firm is co-determined by market forces and administrative processes. It does not really constrain firm pricing behaviour. It is in some ways "the lesser of two evils" and may be an advantage for firms. Why? Regulated firms...
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