November 7, 2016
National and international regulatory authorities play a vital role in economies’ potential for healthy growth and transformation. They have an important goal of ensuring viability and development for the society in the long-term because no market participant, especially businesses, would be able to co-exist without appropriate regulations, which would result in chaotic and destructive national environment. Moreover, even though regulations across industries can be very complex and in inhibiting in participants’ eyes, they always exist to ensure that each party is better off.
As Paul Romer, World Bank Chief Economist and Senior Vice President, commented, Simple rules that are easy to follow are a sign that a government treats its citizens with respect. They yield direct economic benefits – more entrepreneurship; more market opportunities for women; more adherence to the rule of law. But we should also remember that being treated with respect is something that people value for its own sake and that a government that fails to treat its citizens this way will lose its ability to lead.
Regulations serve the purp ...