BEGINNER

Regulation

Government  employ regulations to exert control over businesses in an industry. Some regulations include price controls, quality guidelines, education requirements for employees, etc. Supporters claim that regulations protect consumers, but regulations often act as barriers of entry and are often the result of companies in a given industry attempting to limit competition by the creation and enforcement of standards that raise costs, but do not necessarily raise quality. 

Steve Horwitz - Regulation and Intervention

 

Mark Hendrickson - The Truth about Monopolies and Anti-Trust Laws

Related Publications

ARTICLE

"We Want to be Regulated"

Bootleggers, Baptists and Climate Change

OCTOBER 05, 2009 by BRUCE YANDLE

Industry support of legislation that imposes restrictions on output is commonplace, but one begins to understand this more fully after careful scrutiny of the lobbying process.

ARCHIVE

Being for the Free Market Isn't Enough

Mathematical errors

OCTOBER 02, 2009 by SHELDON RICHMAN

Harold Meyerson, an op-ed columnist for the Washington Post, this week launched a devastating attack on what he calls "mainstream economists." Too bad he's oblivious of Austrian economics.

ARCHIVE

Bankers and Regulators

JULY 29, 2009

Related Freeman Articles

FEATURE

Rahm’s Rule of Crisis Management: A Footnote to the Theory of Regulation

FEBRUARY 11, 2013 by BRUCE YANDLE

Rahm's Rule gives a whole new meaning to the term "crisis management." It also helps us understand how opportunistic politicians can both establish and respond to crisis-based circumstances--ensuring that pork gets delivered to favored constituents while everyone else is distracted by the looming crisis. The rule forms a footnote to theories that help us understand the regulatory state

ARTICLE

Regulation Red Herring

There's no such thing as an unfettered market.

AUGUST 03, 2012 by SHELDON RICHMAN

Order grows from market forces. But where do impersonal market forces come from? These are the result of human action.

Related Multimedia

MULTIMEDIA - VIDEO

Regulation and Intervention

NOVEMBER 14, 2012 by STEVEN HORWITZ

Should governments regulate and intervene to correct "market failures?"

Steve Horwitz explains the dynamics of interventionism and the issues with regulating and intervening in the free market.

"What regulation and intervention do is prevent markets from discovering new ways of solving existing problems and new ways of solving new problems. When regulation erects barriers to entry or other kinds of limits on market behavior, it cuts short this discovery process, and that leads to inefficiency and waste of resources."

MULTIMEDIA - VIDEO

Intervention and Regulations

DECEMBER 14, 2010

MULTIMEDIA - AUDIO

Regulation and Intervention

JULY 13, 2010

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