Well, enough said and enough written on
pros and cons of it. Here are some examples which highlight why do we
need regulations!
If one compares purely free market
capitalism with a game without any referees and govt. controlled
socialism as a game where referees decide every move, it's trivial to
understand that both seem ridiculous! In the first case, it leads to
chaos and the second seems boring to watch!
Manufacturing has improved many-fold by
being able to identify when a process is out of control and needs
intervention by using Statistical quality control. “Statistical
process control (SPC) is
the application of statistical
methods to
the monitoring and control of a process to ensure that it operates at
its full potential to produce conforming product. Under SPC, a
process behaves predictably to produce as much conforming product as
possible with the least possible waste”. Does not sound too bad,
does it?
Another example of control or
regulation is thermostat. It allows to start heating or cooling
depending on the defined threshold limits. Imagine if
there was no thermostat!!
Let's take some human body related
examples. Hairs, nails keep growing and need continuous maintenance
to keep them in shape. Ask a woman and you will know how important is
manicure and pedicure!
A house needs constant cleaning so that
it is dust and germ free. Trees and lawns need continuous trimming to
keep them within control as well.
The following medical monitoring
instruments/tools help us to take action when our health or disease
goes out of control. Blood sugar monitoring meters, ECG, EEG, the
list can go on...
So, in almost every aspect of human
living we continuously monitor and regulate 'things' as otherwise it
gets out of control and becomes un-manageable. That being said, there
is a possibility of bureaucratic controls creeping in by the name of
regulation! That's always a risk.
But, not having regulation will be
like not installing traffic signals for the fear of having to stop at red
light and taking the risk of getting into an accident!
