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Regulation reduces unethical behavior in the same way that laws reduce things like people killing each other. They don't eliminate bad behavior 100% but they re
by rqtwteye 4y ago
Regulation reduces unethical behavior in the same way that laws reduce things like people killing each other. They don't eliminate bad behavior 100% but they reduce it by a lot. I grew up in the 70s and I can tell you what positive impact environmental regulation had on the world. It's not perfect but without these rules nothing would have happened. Big business fight every little step tooth and nail.
- hammock 4y ago> I grew up in the 70s and I can tell you what positive impact environmental regulation had on the world. It's not perfect but without these rules nothing would have happened. I grew up in East Germany and I can tell you what positive impact free markets had on my country. It's not perfect but without these freedoms nothing would have happened
- mrighele 4y agoFree market doesn't mean unregulated market
- IG_Semmelweiss 4y agoUnregulated market doesn't mean a market with no referees or judges to settle disputes.
- deleted 4y ago[deleted]
- rqtwteye 4y agoWhen you have judges and referees you need rules. How else would they make decisions?
- godelski 4y agoFunny thing is Adam Smith talks about this extensively despite being the poster child for an unregulated "free" market.
- cfraenkel 4y agoAdam Smith's free markets weren't about not having regulations. He was talking about markets free from the extractive rents going to the landed aristocracy. Rents on the farms meant workers food was more expensive so factories had to pay more to keep the workers from starving.
- godelski 4y agoSmith wasn't an anarchist and didn't believe in a completely unregulated market, but rather that a free market involves careful regulation to ensure a fair playing ground. Yeah, there is also a lot about the problems of rent seeking and I agree there, but my point is that the free market he was referring to isn't the "free market" many people today associate with the term. We have similar issues to his concept of the invisible hand (which was only mentioned once in each book).
- rqtwteye 4y agoI am from the West! Markets certainly had a positive impact on the East but regulations also had a positive impact. You need both and constantly have to work on finding a good balance.