Regulatory economics is the application of law by government or regulatory agencies for various economics-related purposes, including remedying market failure, protecting the environment and economic management.
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Regulating the economy in the context of Social democracy
Social democracy is a social, economic, and political philosophy within socialism that supports political and economic democracy and a gradualist, reformist, and democratic approach toward achieving social equality. In modern practice, social democracy has taken the form of democratic socialism, a robust welfare state, policies promoting social justice, market regulation, and a more equitable distribution of income.
Social democracy maintains a commitment to representative and participatory democracy. Common aims include curbing inequality, eliminating the oppression of underprivileged groups, eradicating poverty, and upholding universally accessible public services such as child care, education, elderly care, health care, and workers' compensation. Economically, it supports income redistribution and regulating the economy in the public interest.