Government Regulations

Government Regulations
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April 27, 2020
The answer to the question of whether Governments should have a hand in the market and how it is run is a mixed bag. To summarize my take on this question, several undertakings need to be accounted for. For one, there are laws and rules, and none of them should be broken nor abused. Also, there is a question on the general welfare of the consumers or the populace. This welfare we are talking about includes the right of the masses to consume products and services that are not detrimental to their wellbeing, economic capabilities (i.e., ensure that the "price is right," so to speak). No discrimination should be held with regards to, say, gender and payor economic status and access to basic needs (Karagiannis, 2001). Also, there is a question on the political will (Vining and Boardman, 2008).
Historically speaking, economic systems had existed and had their own sets of problems. Financial systems are not perfect, such as socialism wherein the nation or the government directs what and when to produce. This eliminates the power to choose and access to more available items. The second system to exist is capitalism. Now, as we all know, capitalism can incur damages to the consumers by way of exploiting the demand and supply, possibly putting under the firm owners' control the market pricing and how they advertise their products. Interventionism is somehow a modernized take on these two problematic systems. According to von Mises (1998), the government and the business firms kept their positions as distinct structures. I should stick with the conventional notion of balance and check; however, there is also the question of whether the political will of the government and its regulatory body is strong enough to not be influenced by the business owners themselves.
Banking on Karagiannis' (2001), there are several aspects as to how governments can deal with marketing. This is in connection with the welfare of the consumers, which includes their health and socio-economical element. How? For example, governments establish standards in how products should be labeled. This applies to drugs and food by putting essential product information ...