A number of businesses have complained relating to the existence of
a number of government regulations. It is true that there are too
many regulations for businesses. However, it cannot be overlooked
that some of the regulations have enabled businesses to prosper and
succeed. However, there are some of the regulations that impede job
creation and have a negative impact on the economic efficiency as
well as profits of the businesses (Davis, 2022).
There are a number of different regulations that can actually benefit
society. The regulations that are aimed at protecting and conserving
the environment are beneficial for society. An example of such
regulation is the Environmental Protection Agency. It aims at
imposing a restriction on the emission of different greenhouse gases.
It also regulates waste material disposal and controls the different
pollutants. Such regulation can help in protecting the environment
from pollution, thereby ensuring better health of the people in the
society.
The regulations that prevent financial fraud are also beneficial for
society. One example of such a regulation is the Sarbanes-Oxley. It
ensures proper auditing, accounting and promotes corporate
responsibility. Even though the compliance is a bit complex and time
consuming, it has helped in exposing a number of financial flaws
(Davis, 2022).
The regulations that are intended to ensure the safety of the
individuals are also beneficial for society. One example of such
regulation is the Food and Drug Administration or FDA. It demands
extensive clinical research and aims at reducing the potential risk to
the lives of the patients. However, it is important that FDA should
ensure that the approval of the drugs is done in a timely manner in
order to avoid any kind of threat to the lives of people due to the
delay.
There are some industries that require less regulations in comparison
to the others. Similarly, there are a number of industries that require
more regulation. The industries that require more regulations are
managed care, health insurance, as well as pharmaceuticals. It is
important as these are the industries where there are greater
chances of fraud. Moreover, these industries are directly related to
the lives of the people. Oil companies also require more regulation
than other businesses. The industries or businesses that can be less
regulated include supermarkets, software companies, and computer
hardware companies. The debate relating to the regulations on the
businesses is never-ending. It is likely to remain a reason for dispute
in society.
References
Davis, M. (2022, March 17). Government regulations: Do they help
businesses? Investopedia. Retrieved April 23, 2022, from
https://www.investopedia.com/articles/economics/11/government-
regulations.asp
