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Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. [1] Conflict can occur between public services and commercial procedures (e.g. maximizing profit ), the interests of the people using these services (see market failure ), and also ...
Other scholars define public policy as a system of "courses of action, regulatory measures, laws, and funding priorities concerning a given topic promulgated by a governmental entity or its representatives". [27] Public policy is commonly embodied in "constitutions, legislative acts, and judicial decisions". [28]
Economic law is a set of legal rules for regulating economic activity. [ 1 ] [ 2 ] Economics can be defined as "a social science concerned with the production, distribution, and consumption of goods and services."
Public interest theory is a part of welfare economics. It emphasizes that regulation should maximize social welfare and that regulation should follow a cost/benefit analysis to determine whether the increased social welfare outweighs the regulatory cost.
In the definition used by scholars such as James Fishkin, deliberative democracy is a form of direct democracy which satisfies the requirement for deliberation and equality but does not make provision to involve everyone who wants to be included in the discussion.
Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds [1]), self-regulation in psychology, social regulation (e.g. norms), co-regulation, third-party regulation, certification, accreditation or market regulation.
An economic impact analysis is commonly developed in conjunction with proposed legislation or regulatory changes, in order to fully understand the impact of government action on the economy. The United States Department of Energy economic impact model is one example of this type of application. [ 16 ]
This model of the constitutional economics is based on the understanding that it is necessary to narrow the gap between practical enforcement of the economic, social, and political rights granted by the constitution and the annual (or midterm) economic policy, budget legislation and administrative policies conducted by the government.