And the fun part is that there are many folks out there, that still argue that there's no need for climate regulation for example, because left to its own devic

And the fun part is that there are many folks out there, that still argue that there's no need for climate regulation for example, because left to its own devices, the free market will do the "right thing." But clearly because of the tragedy of the commons and things such as the climate often being seen as an externality, you need something external like governmental regulation to make sure that the right thing is done. Of course it doesn't help that governments tend to also be annoyingly inept at this, but at least they have more of a chance to get something done for this.