A$.$J$.$ Jacobs, in his book Thanks a Thousand, attempts to thank $1,000$ people that had a hand in producing his cup of moring coffee. This leads him on a vivid "I, Pencil"$-$like exploration. Jacobs writes:

"I, Pencil" argues that by tracing a product's diverse origins, you'll understand why the government should butt out. Yet I had the opposite reaction.

I$\text{'}$m a believer in capitalism $...$ but I don't buy the laissez faire idea. I think we need regulations $...$ long$-$range thinking to balance stockholders' lust for immediate profits $...$ infrastructure to help us get the pencil and coffee safely into our hands $...$ high$-$level coordination to keep us from playing with lead$-$paintcoated toys, eating salmonella steaks, and baking ourselves into oblivion with $...$ fossil fuels.

Your own view may tend toward one or the other end of this spectrum $($laissez faire or statist regulation$).$ Try to argue convincingly for the oppositer of your instinctive position, i$.$e$.,$

If you tend to favor free markets and laissez faire, argue why government is essential to the operation of free markets and in particular which regulations are desirable or necessary, and

If you tend to favor an active regulatory state, argue why free markets can solve the problems of short$-$termism, infrastructure, and consumer protection.