U.S. businesses spend billions and billions of dollars each year for governmental compliance. Are we over regulating ourselves too heavily? Is it possible to achieve a balance between making a profit and not causing damage to the environment, the general public, or to ensure fairness in hiring and housing and a host of other issues? Or, are we just making our country uncompetitive in the process?
In my opinion we are over regulating ourselves a bit. Government often passes regulations with benevolent intentions in mind such as increasing wages, reducing unemployment, or protecting the environment. The cost of complying with these regulations results in a dead weight loss for the economy. Adam Smith in The Wealth of Nations identified something he called the "Unseen Hand" which applies to this discussion. Anytime the government or a regulatory authority does something to regulate a market, product, or sector there are two direct ...
An opinion piece that considers the need for and consequences of government regulation and it's impact on economic competitiveness.