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The US and the world economy like everything else have its ups and downs The government plays a crucial role in deciding how the economy will set over time An Economist by the name of John Maynard Keynes felt that if either inflation or unemployment got out of hand the government could adjust the business cycle to balance the economy Keynes was more geared toward the bigger picture and focused on macroeconomics His work led to the government and many economists believing that they had control over the economy This led to economic regulations which affected everyone from companies to the consumers Through the history of our economy the government has made changes by enforcing many regulations to have full control of the growth and power of the economy and to protect the consumers Regulations can be divided into two different categories Economic regulations and Social regulations An Economic regulation covers sectors of the economy such as electricity natural gas communications transportation aviation agriculture and banking These regulations usually include barriers to entry and exit licensing and tariff laws and the control of prices and wages These regulations include acts such as the banking act of 1933 or the civil aeronautics act of 1938 Social regulations on the other hand are there to protect the consumers These regulations concern such things as health and safety of workers environmental issues and civil rights Unlike the Economic regulations these were created much later in the 1960s and 70s Examples of Social regulations would include the food and drug administration and the Equal Opportunity Commission which protects employers Regulations were starting to appear around the time of the New Deal The governments main purpose for enforcing these regulations was because competition among corporations was starting to fail The bulk of these regulations were put into affect from 1933 through 1938 At the time regulations seemed to have been helping The economy continued to grow and was
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