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A perspective that implies to the potential damages of regulations to the economy and employment is far from complete, and may lead to the distorted view of their implications. Of course, many regulations have the explicit intention and effect of aiding the economy and strengthening particular industries, thereby securing jobs(John,2011). Three recent events should have made clear the dangers of the narrow view that regulation causes economic harm.
First, a wave of deregulation and the belief that financial markets can “self-regulate” played a major role in the housing bubble and the financial and economic crisis that ensued when the bubble burst.
A second recent event reinforcing the importance of sound regulation to the economy and employment is the BP Deepwater Horizon oil spill of 2010.
The third example of how sound regulation can aid the economy is the passage of the Food Safety Modernization Act in December 2010.(Isaac,2011)
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