Economics and Regulation 2019

Mark McIlroy



Regulation is critical to the economic success of a country. 

When regulation is complex, slow and expensive it can wipe out entire industries.

However the combination of technology and regulation has enabled the developed world to produce so much food, that it is discarded in large quantities on a regular basis.

Regulation can enable the development of a high economic wealth structure.

As an example, most countries have laws in place to enforce a minimum wage for work. Regulations often specify minimum wage rates in other industries also.

This effect boosts the size of an economy by putting wealth in the hands of people who purchase goods and services from businesses, do productive work, and start new enterprises.