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Explain "for each benefit gained by regulation, there is a cost"?


Explain "for each benefit gained by regulation, there is a cost"?

Government regulations are created to solve a problem. There's a cost of carrying out the regulation.

For example, in the USA we have the EPA which is supposed to protect the environment. But the EPA needs money to hire inspectors, etc, to carry out the regulations.

In a broader sense, a regulation like "you can't smoke in restaurants" would be seen as having a cost by smokers, in the loss of a freedom they once had.

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