A- Outline the major benefits and costs of government regulation. In general, do you think the benefits of government regulation exceed the costs? In what areas, if any, do you think the costs exceed the benefits?

B- Explain why the public is treated as a separate group in the interactions among business, government, and the public. Doesn’t government represent the public’s interests? How should the public’s interests be manifested?

Answer:

A. Major benefits of government regulations:

1) They help in understanding the meaning of words and phrases better so that engineers, lawyers, doctors, and others across the country can be sure they understand each other.

2) They help companies in Los Angeles by setting common standards for what levels of chemicals are toxic, making it easier for the companies to produce.

3) The establish common goals that affect the whole country, such as removing lead from gasoline, thus affecting how much of the neurotoxin we have in our blood.

Cost:

   The most costly regulations are those designed to improve air quality, reduce energy consumption, and ensure safe working conditions- goals the public generally favors.

YES, i think that the benefits of government regulations exceed the costs. For example, clean water regulations accounted for benefits of up to $8 billion at a cost of $2.4 to $2.9 billion. Clean air regulations provided up to $163 billion in benefits while costing to the people who pay taxes about $21 billion.

B. The public interest is not one undivided concept. It will be multifaceted and the decision maker will have to consider and evaluate the relative weight of these facets before reaching to a final conclusion as to where the public interest resides.