Compare and contrast regulation and deregulation.
Regulation is the process of setting and enforcing rules and standards by a governing body, such as a federal agency or state legislature, which are designed to control a range of behaviors, activities, and conditions. Deregulation is the process of removing or reducing government regulation in order to facilitate business activities and increase competition. Regulation is aimed to protect the public interest, whereas deregulation is aimed to reduce government intervention in economic activities.
Regulation is the process of governing and controlling a certain activity or organization. It involves the promulgation and enforcement of laws, rules, and regulations, as well as the sanction of those who violate them. Deregulation is the process of eliminating or reducing government regulation of an industry or business. It involves the repeal of existing regulations and the elimination of government oversight of an organization. Both regulation and deregulation are central to the functioning of markets and the protection of consumers. The effects of regulation and deregulation can have both positive and negative effects. For example, regulation can result in higher prices and reduced competition, while deregulation can lead to lower prices and increased innovation.