Impact of Government Regulation part 2
One of the issues that businesses are concerned about in government regulation is the increasing costs of the regulation. Meaning, regulation rarely shows up where it comes to the benefit of the business. On the contrary, it comes to assure the business complies with the rules and regulations that would benefit society. This of course will increase the costs on the business but the alternatives would be highly costly on the society. In several instances, the special interest groups and/or lobbyist would try to manipulate the regulators’ decision to the benefit of the business. Unfortunately, these lobbyists impact the consumer and society negatively. The question I want to ask, how can the government balance between keeping the business in the economy and the consumers’ interest? What would be the impact of continuously successful lobbyist on the consumers?