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Economic regulation is a form of Govt. intervention to influence the behavior of firms and individuals in the market. Regulations include rules and regulations to be followed, many a times followed by imposition of penalties which are intended to put the individuals and firms “back on track”. Regulating a market includes narrowing down the choices of firms by the Govt. including prices, supply, rate of profit, etc. Govt. sometimes has to resort to regulating a market to improve the efficiency of the market. And if left alone the firms have the potential to influence the consumers and also the factors of production.
Regulation of market involves regulating monopolies by restricting the price, output and the production of socially optimal amount of goods or services. Regulation may also be used in situations where the firms produce excess of waste which causes pollution and the social cost of the pollution has to be borne by the society. In some cases firms which are over-exploiting natural resources like mining and fisheries, here also the Govt. may intervene and try to regulate the market by restricting the use of these resources.
Regulations are way of preventing price discrimination by monopolies and to alter the uneven distribution of wealth among few individuals. It also includes the removal of barriers in monopolies for other competitors to enter the industry and to reduce the effect of monopoly on the society. This is a soft regulation. Almost all countries have some sort of regulation on their economies. This may vary in a degree or two but, there is regulation.
Generally, in Capitalistic economies the regulations are limited to taxes and other strategic industries. But in countries with Socialistic attitude, the amount of regulations are higher compared to Capitalistic as in price regulations, supply restrictions, corporate tax policies and prevention of other monopolistic trade practices and in some cases the Govt. may resort to fair-price policy and fair-price outlets and other illegal business activities. These are the regulations that are generally seen.
There are other regulations and restrictions in the Securities and the Stock market which also have to be controlled. As some companies resort to illegal practices like over-rating their own shares and under-rating their opponents shares and potential company’s share which the company wants to buy and other situations like embezzlement and/or misuse of public investment.
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