Discuss the historical trend of regulation in the United States. Why do we regulate the economy and economic sectors, and are there any associated costs? Should the United States continue the identified trend? Why or why not?
Answer:
An ideal response will:
1. Assert that the historical trend has been one of increasing regulation across an expanding spectrum of sectors.
2. Explain how free market systems can create unfair advantages for certain industries that try to gain control of their sector of the market, and therefore, regulations have a public benefit.
3. Discuss the nature of some of those benefits, including but not limited to better working conditions, cleaner environments, safer consumer products, and increased economic competition.
4. Describe how regulations often have a negative effect on business, including increasing the costs for business in terms of labor, materials, and compliance.
5. In the context of the first point, make a strong claim as to whether that trajectory should continue, specifically connecting either the aforementioned costs or benefits to this argument.
6. Provide a concise and effective conclusion.
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