The article this week regarding government regulations brought up a
lot of benefits to increased regulations, however it also showed a
strong argument against some of these regulations. I agree with
many of the regulations imposed by the government, yet some laws
and regulations can impede the profitability of a company. I also
believe that the increase in regulations are due to increase in
innovation and new emerging markets (Davis, 2022) .
I believe that a group of business that may need less government
regulations would be small business's. Many new owners have to dell
with navigating complex federal and state tax codes with little
experience and understanding of how these apply to their business.
I believe regulations set in place to impede fraud and racketeering
and unfair business practices are important for society. I also think
that any regulation that can protect the environment is for the better
good of society. Patent and trademark law is also important to
protect the intellectual property of inventors. Patent law can help
small companies develop their ideas without fear others using,
making or selling their inventions. There are also a lot of laws and
regulations set up from the department of labor regarding a
confusing classification of employees vs. independent contractors.
This distinction can affect employee benefits, insurance and workers'
compensation. Overall, most small business's would benefit from less
regulations and maybe a simplified guideline of policies set up
entirely for small business's (Beales, 2021) .
The industries that have the highest regulations include petroleum
and coal product manufacturing. I believe that these two industries
deserve to have increased regulations because of their environment
impact. Although these fields may face increased challenges through
new laws and polices, it is important for societal well-being and I
believe that the benefits out weigh the costs to the profitability of
the company.
References
Beales, H. (2021, October 26). Government regulation: The good, the
bad, & the ugly. Regulatory Transparency Project. Retrieved April 21,
2022, from https://regproject.org/paper/government-regulation-
the-good-the-bad-the-ugly/
