Are there good reasons for government regulation

Reference no: EM131019430

The US and Europe began an industrial revolution that changed the world. Without it, we would not have the 'good life' we have today with all of the technology and other items we have come to love (phones, cars, refrigerators, airplanes, nice clothes, etc.). Yet, the governments of these nations began suppressing business and industry during and after the Industrial Revolution by adding crippling regulations to control these companies. Because of this, we now pay higher prices for all these things. Is it not better to leave industry alone and let them build and innovate without government interference? Costs would be lower, there would be less unemployment, and more people would want to start a business. Why did government start interferring? Are there good reasons for government regulation? Why or why not? Wouldn't the world be better if government would just leave business and industry alone? What could be the harm of that?

Reference no: EM131019430

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