[GRE ISSUE] Government regulation in the economy.

The below is my GRE ISSUE essay on government regulation. Please help !!!

GRE Issue Prompt

Some people believe that government regulation is needed in order to ensure the safety of consumer goods, while others believe that voluntary efforts of the producers of those goods suffice.

Write a response in which you discuss which view on the issue more closely aligns with your position and explain your reasoning. In developing and supporting your position, be sure to address both views expressed above.

(Time 29:21 :, Length: 451)

An enduring debate in capitalistic market economy is one divided between the necessity of government's intervention and the market's ability to self-regulate. The statement discusses the two sides of the same debate in the area of safety of consumer goods. My opinion is one that sides with the need for government regulation in making sure that consumer goods are healthy and safe.

An antagonist of government involvement in the economy may argue that corporations in a laissez-faire economy can meet the public's need for safety as they pursue their own self-interest of profit and seek to attract customers who look for safer products. However, one must be careful not to overlook the fact that the corporations' prime motive is appearing to be for the public interest, while saving production costs as much as possible. When optimal safety is beyond the standard of corporate efficiency or profitableness, or when there are unproven harm or risk involved with the production of a product, corporations have no incentive to burden the costs necessary to ensure that the good is safe.

The first argument for government regulation is that it has the public's best interests at heart. By its nature, the government exists to protect the public's health and well-being. It is perhaps the only body that has enough motive and power to stay clear of possible motive of profit or conflict of interest. Consider the case of cigarettes, for instance. Tobacco firms have the incentive to make cigarettes as addictive and appealing as possible to lure more customers into the habbit of smoking. It is the government that in turn regulates the amount of nicotine and tarr in the cigarettes, in addition to putting labels to warn customers of possibility of lung cancer.

Secondly, the government is open to public scrutiny and blame and is thus accountable when something goes wrong. In the event when market standards for product safety are inadequate, the public can directly influence the government to remedy the situation. Citizens have rights to contact their congressmen, petition for a bill, organize a rally or a movement to push the government's to change current regulations. In such an event the government is forced by its nature to introduce harsher regulations, while a corporation in the same kind of pressure is not forced to abide by public demand.

It must be acknowledged, however, the concerns for government inefficiency or bureaucratic nature are valid and important. These issues are not reasons why the government should stay clear of product regulations but the reverse is true. Unless we have a perfect market where information regarding products are perfectly distributed, the government is needed to act as a guardian to protect public health and safety.

I'll try to help you by showing you how to better present your arguments within the essay. I hope my suggestions work for you :-)

-A capitalistic economy often finds itself debating whether government intervention is necessary in order to regulate the market's. One side is opposed to government intervention while the other, supports the intervention. This paper will attempt to factually discuss both sides of the issue in a manner that will allow the readers to make an informed decision and help them create their personal opinion on the matter.

- Those opposed to government intervention do so on the basis of a laissez-faire economy. Declaring that the public need for safety can be met by business owners and the market even as they pursue their self interests pertaining to profit. It must be noted however, that the prime objective of corporate interests are not always in the best interest of the consumer. Therefore, the quality of the products they produce remain suspect. Unless the corporations and private sector can prove that no harm will come to the public while using their products by making them liable for their product quality, these players will not have any compelling factor to consider public safety in their business movements and decisions.

- This is why there are those who believe that government regulation is a necessary evil in the business sector. The government's primary responsibility is to safeguard the welfare of the public. As such, they must ensure that the public is not deceived or harmed by business and market practitioners in the name of profit. Consider the case...

- Due to the government's mandated accountability to the people, it makes perfect sense for them to interfere in the business affairs of the private sector before something goes wrong. If something does go wrong, the government will have to be involved in the problem resolution anyway. The people can also demand that the government interfere in the private sector once they believe that the regulations of the companies involved are detrimental to the public interests. Rather than forcibly having the government enter the scene, it would perhaps be in everyone's best interests to have the public represented by the government early on.

- While the public may be concerned about government efficiency when addressing these problems. Corruption has also become a clear issue when it comes to the government dealings with the private sector. This is the main reason that the other parties wish to have the government stay out of the affairs of the private sector. If they are prone to be swayed towards the interests of business, regardless of its effect on the public, then the government does not truly represent the best interests of the people.But that is not to say that such a situation constantly exists for the public and private sector. Therefore, unless a perfect economy, free from corruption and with an assurance that all products manufactured in the private sector are safe and perfectly distributed to the people, the government needs to somehow be trusted by the public to protect their interests when it comes to issues of public health and safety.

I believe that you need to research more facts about this issue and work it into your next version. That way the essay will be further strengthened since it will be releasing opinions based upon verifiable public information.

Thanks for your detailed comments!