One of the basic principles of capitalism is the concept of a free market. The c

Question

One of the basic principles of capitalism is the concept of a free market. The claim is made that the free market operates most efficiently under a Laissez-faire policy of little regulation or oversight. As we move to more technologically advanced society, would you argue for fewer regulations in order to maximize productivity and/or profit? Or, would you argue for more regulations to protect people and the environment from the unintended consequences (latent functions) of emerging technologies, and the possible increase of destructive accidents? Both positions have costs and benefits, and you will continue to hear arguments for and against each in the future as powerful interests are behind them. Choose your argument and list two costs and two benefits for your position.

Explanation / Answer

I would like to argue in fever of for more regulations to protect people and the environment from the unintended consequences (latent functions) of emerging technologies, and the possible increase of destructive accidents.

The two costs

Benefits:

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