1. The phrase “government regulation” embraces many functions. Define it.
2. Is the federal regulatory process limited in its goals to the correction of market failures? Should it be so limited? Explain.
Suppose you start a business: a small, relatively simple business, perhaps a restaurant. You quickly come to realize that the government is going to be your partner in that business. Taxes, wages, hours, sanitation, safety, advertising, zoning—at every turn a government rule shapes the conduct of your business. In many cases those rules are created and enforced by administrative agencies, a powerful subset of government little understood by the public but immensely influential in every corner of American life.