Public Interest Theory of Regulation Essay Sample
This essay example of The Public Interest Theory of Regulation essay for Singapore students. Here we will discuss the Meaning of Public Interest Theory Regulation, Industrial Public Interest Theory Regulation, Social Regulation followed by public theory industrial regulation, Commission established to public theory regulate industries, etc.
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Introduction- Public Interest Theory of Regulation Essay
In this essay sample, we will be going to discuss the public interest theory of regulation is the theory that regulates and governs the price, rate of production cost, and a fair and reasonable profit to the company. The public interest is the major concern in the theory of regulation and drafted such strategies that bestow the profit to the public at large as well as to the Singaore company.
The Singapore company cannot gain excessive and unreasonable profit from the general public and theory discusses the means to regulate the prices charged to consumers so it won’t affect the reasonable profit of the company. It is important to note the monopoly industries won’t harm the consumers and prices for such monopolistic industries should regulate fairly.
The industries affect severely the development of the economy but it is notable fact that excessive prices of goods and services harm the citizen and society.
Therefore, the theory plays a major role in determining and protecting the interest of the public at large. It is also termed as public regulation due to the reason that theory describes how industries regulation of prices should be charged to the consumers.
The regulation in the market proves to be beneficial to the public at large as it creates a barrier for the new industries to take entry in the market and industrial regulated market in Singapore, the company need to decrease the price of the product so that it could normalize the profit of the company. The theory also supports the monopolistic feature and discourages the adaptability factor that keeps changing the industries in the market.
The essay covers the background of the public theory of regulation and how the industrial regulated market benefitted the public at large as well as the economy. As regulation in the market could obstruct the entries of the new firm in the market and retain the monopolistic feature in the economy that enables the competitiveness.
Main body- Public Interest Theory of Regulation Essay
Meaning of Public Interest Theory Regulation
The regulation theory keeps the competition alive in the market and protects the interest of the community. The theory states that it is important to retain the natural monopoly mechanism in the market and harms society, therefore the need for industrial regulation arises. The regulation that governs the strategies in industries has an impact on the market that increases the profit margin of the company.
The theory also explains the effect of the no-regulated market where companies increase the profit margin by reducing the cost of the product. The public theory of regulation entails the concept of how the unregulated market leads to throwing the product out of the market or natural competition. In this case, the appropriate example could be that of disc and cassette.
Industrial Public Interest Theory Regulation
The regulation of anything simply means to govern it so that it produces a systematic and fruitful result. The regulation can be in any form such as legislation, rules, norms, strategies, Acts, etc that provide the means to accomplish the desired objective.
The singapore industrial resolution meaning thereby the method that supervises the industries in the market so that public interest at large could be secured. The regulation plays an indispensable role in the formation of the strategies carried out by the industries.
Every regulation in the economy introduces intending to achieve the desired goal and give a fair chance to the industries to grow and develop. The public theory believes to be a gift for the general public where it protects the interest of citizens and a reasonable and fair profit to the company.
Social Regulation followed by public theory industrial regulation
The regulation that is in respect of social behavior introduce after the advent of industrial regulation intending to evaluate the social condition that lays down the special emphasis in the conduct of the business.
The social regulation describes the environment surrounding that affect the singapore business conduct and affect the society as a whole and the application of such regulations is broadened enough that it inculcates every type of business nature. Whether Monopoly, oligopoly, cut-throat competition or any other type of industry, social regulation is applicable to all such types of market.
Commission established to public theory regulate industries
The solved essay example describes a certain type of establishment that is set up intending to govern the industries.
- The major function of such a commission is to assess and ascertain the price charged to the consumers for any product.
- Every commission has a stipulated area on which such regulation is practiced such as a commission to regulate electricity and power industries whereas a different regulatory commission to supervise the transportation and telecommunication industry in singapore. But there is one apex commission authority that governs the economy and protects the public interest at large.
- Such federal regulatory commission governs the social as well as industrial regulation whereas other commission that operates the functioning of food and drug administration.
However, every regulation holds distinct functioning as to supervise but the ultimate motive to establish the regulatory commission is to protect public interest at large.
In conclusion, despite some of the flaws with public interest theory, it is still a valuable tool for regulating corporations because it acts as an important check on private enterprise. For this reason alone, we should not discard or change our current regulatory model but instead, use the power of public interest to ensure that all individuals are treated equally and fairly. This ensures more people can participate in society without feeling like they’ve been left behind by those who have more money than them.
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