Regulation should promote long-term interests

Excerpt

Today, debates rage across North America about the need for government intervention and regulatory reform. Some say that the regulatory burden is stifling industry and economic development. Others say the regulations are too weak and don't go far enough to protect the public good. Others yet complain that there is too little progress to justify the funds being spent. Before I jump into any debate on this issue, I'd like to step back and ask a more basic question. How is the need for legislation assessed?

Until recently, it seems few people questioned the need for government action. When a need was identified to protect a public interest, legislation was drafted. When a level playing field was required so that industry would play by the same or similar rules, again legislation and regulations were hailed as the answer. And when the marketplace provided too little incentive for voluntary action, government incentives were provided through favorable taxation or outright grants. This philosophy seemed to prevail for environmental as well as other types of legislation. The end result, however, seems to be a maze of legislation and regulations that would make even the most politically-aware citizen dizzy …