Are regulations good or bad?
Prior to reading the article Seven Deadly Sins of Deregulation - and Three Necessary Reforms I would have said that I am more for deregulation than for regulation. From a simplistic viewpoint, I believe in the invisible hand and in free market economics. However, I know that theory and practice are two separate items. I understand the theory is sound but its implementation is far more complex. Selfishness and self interest may make one prosper, but at whose expense? Without some form of regulation, business owners etc. would have free reign to exploit others without fear of retribution. Thus, for the sake of safety and fairness, I have to agree that complete deregulation is not a wise action. Rather, regulations must be in place to protect the uninformed and unwise. For without some form or regulation, “moral hazard” would prevail and businesses would take too many risks without bearing the full consequences of their actions.