Regulatory economics in the context of "Regulatory"

Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example:

• in government, typically regulation (or its plural) refers to the delegated legislation which is adopted to enforce primary legislation; including land-use regulation
• in economy: regulatory economics
• in finance: financial regulation
• in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and,
• in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis;
• in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals.

Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. As one of the main ideologies on the political spectrum, socialism is the standard left-wing ideology in most countries. Types of socialism vary based on the role of markets and planning in resource allocation, and the structure of management in organizations.

Socialist systems are divided into non-market and market forms. A non-market socialist system seeks to eliminate the perceived inefficiencies, irrationalities, unpredictability, and crises that socialists traditionally associate with capital accumulation and the profit system. Market socialism retains the use of monetary prices, factor markets and sometimes the profit motive. As a political force, socialist parties and ideas exercise varying degrees of power and influence, heading national governments in several countries. Socialist politics have been internationalist and nationalist; organised through political parties and opposed to party politics; at times overlapping with trade unions and other times independent and critical of them, and present in industrialised and developing nations. Social democracy originated within the socialist movement, supporting economic and social interventions to promote social justice. While retaining socialism as a long-term goal, in the post-war period social democracy embraced a mixed economy based on Keynesianism within a predominantly developed capitalist market economy and liberal democratic polity that expands state intervention to include income redistribution, regulation, and a welfare state.

Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies tend to experience business cycles of economic growth followed by recessions.

Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include laissez-faire or free-market capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social policies. The degree of competition in markets and the role of intervention and regulation, as well as the scope of state ownership, vary across different models of capitalism. The extent to which different markets are free and the rules defining private property are matters of politics and policy. Most of the existing capitalist economies are mixed economies that combine elements of free markets with state intervention and in some cases economic planning.

Laissez-faire (/ˌlɛseɪˈfɛər/ LESS-ay-FAIR, from French: laissez faire [lɛse fɛːʁ] , lit. 'let do') is a type of economic system in which transactions between private individuals are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was laissez faire, laissez passer, with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay.

Another basic principle of laissez-faire holds that markets should naturally be competitive, a rule that the early advocates of laissez-faire always emphasized.

A regulatory agency (regulatory body, regulator) or independent agency (independent regulatory agency) is a government authority that is responsible for exercising autonomous jurisdiction over some area of human activity in a licensing and regulating capacity. Examples of responsibilities include strengthening safety and standards, and/or to protect consumers in markets where there is a lack of effective competition. Examples of regulatory agencies that enforce standards include the Food and Drug Administration in the United States and the Medicines and Healthcare products Regulatory Agency in the United Kingdom; and, in the case of economic regulation, the Office of Gas and Electricity Markets and the Telecom Regulatory Authority in India.

National conservatism is a variant of conservatism that prioritizes the defense of national and cultural identity, often based on a theory of the family as a model for the state. It is oriented towards upholding national sovereignty, which includes opposing illegal immigration or immigration per se and having a strong military.

National conservatism departs from economic liberalism and libertarianism and takes a more pragmatic approach to regulatory economics and protectionism. It opposes the basic precepts of enlightenment liberalism such as individualism and the universality of human rights, and in America and Europe is majoritarian populist. National-conservative parties often have roots in rural environments, contrasting with the more urban support base of liberal-conservative parties.

Liberalism in the United States is based on concepts of unalienable rights of the individual. The fundamental liberal ideals of consent of the governed, freedom of speech, freedom of the press, freedom of religion, the separation of church and state, the right to bear arms, the right to due process, and equality before the law are widely accepted as a common foundation of liberalism. It differs from liberalism worldwide because the United States never had a resident hereditary aristocracy, and avoided much of the class warfare that characterized Europe. According to American philosopher Ian Adams, "all US parties are liberal and always have been", they generally promote classical liberalism, which is "a form of democratized Whig constitutionalism plus the free market", and the "point of difference comes with the influence of social liberalism" and principled disagreements about the proper role of government.

Since the 1930s, liberalism is usually used without a qualifier in the United States to refer to modern liberalism, a variety of liberalism that accepts a government role to prevent market failures and promotes expansion of civil and political rights, with the common good considered as compatible with or superior to the absolute freedom of the individual. This political philosophy was exemplified by Franklin D. Roosevelt's New Deal policies and later Lyndon B. Johnson's Great Society. Other accomplishments include the Works Progress Administration and the Social Security Act in 1935, as well as the Civil Rights Act of 1964 and the Voting Rights Act of 1965. This variety of liberalism is also known as modern liberalism to distinguish it from classical liberalism, from which it sprang out along with modern American conservatism.

Modern liberalism, often referred to simply as liberalism, is the dominant ideological variant of liberalism in the United States. It is most synonymous with the ideology of social liberalism, which is a variant of liberalism that moves beyond classical liberalism to account for poverty, seeking a balance between civil liberty and social equality via a social safety net. U.S. modern liberalism also takes inspiration from cultural liberalism and progressivism, and some (but not all) modern liberals explicitly identify with the contemporary U.S. progressive movement. Writing in 1993, American academic writer Ian Adams argued all major U.S. parties up to that point were "liberal and always have been. Essentially they espouse classical liberalism, that is a form of democratized Whig constitutionalism plus the free market. The point of difference comes with the influence of social liberalism."

Economically, modern liberalism accepts a role for government to protect against market failures, protect competition and prevent corporate monopolies, and supports labor rights. Its fiscal policy supports sufficient funding for a social safety net, while simultaneously promoting income-proportional tax reform policies to reduce deficits. It calls for active government involvement in other social and economic matters such as reducing economic inequality, expanding access to education and healthcare, and protection of the shared natural environment, in large part on the contention that advances in those areas create a thriving economy in the long run. Modern liberalism was formed in the 20th century in response to the Great Depression. Major examples of modern liberal policy programs include the New Deal, the Fair Deal, the New Frontier, the Great Society, the Affordable Care Act, and the Build Back Better Plan.