Give examples of government regulations that work and exampl

Give examples of government regulations that work and examples of government regulations that do not work. Explain why in each case. How does politics affect economic policies? Is it negative or positive?

Solution

Government regulation are brought on to regulate the economic, political, commercial and social system of a particular geographical area to achieve sustainable and progressive growth and development.

All the government regulations work in their scope and capacity. Though, degree of effectiveness of these regulations vary. It happens due to following reasons:

To cure the above issues, new amendments to existing government regulations are proposed, passed and implemented. It further improves the effectiveness of the regulation.

Thus, as per the record, there is no any government regulation that does not work.

Example of few popular government regulations implemented through acts are as follows:

All the above mentioned regulations work with efficiency due to awareness among the consumers / citizen / business firms. These participants of economy are made aware of their rights and remedies. Also, concerned authorities are given adequate rights to implement the regulations.

Politics bring in the different philosophies / approach to deal with different issues related to an economy and society. Stable political system gives an environment that helps in progressive and stable growth in an economy. It is good for the economy as it gives right to people of the economy to select their representatives who work for welfare and development of economy. Existence of different political approach in economy is also goods as it prevents complacency in ruling party.