Regulation, in its broadest implication, represents all the rules of order enforced by a presumed administration of government, with regard to the practices of those under the government 's control. Historically, many regulations prescribed by oppressive autocratic leaderships have caused sequences of misery and torment for the ruled. Granting all this, the fate of Spain in particular, took a dramatic yet positive turn in the early 700s when Muslim forces invaded and reigned over the Iberian Peninsula alongside their very own set of regulations. In the following several decades, these regulations had been polished and calibrated to adapt the Hispanic environment and became well-established in the 12th century on account of having economically
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In “The Effects of Economic Regulation,” Joskow lists some of the attributes of “good regulation”. He argues that good regulation is supposed to restrain quantity and promote quality. He also points out that good regulation constrains prices so that the firms earn neither excess nor insufficient profits. He goes on to say that good regulation regulates the efficiency of the structure of interest rates .
Alternatively, Hutt in “Five Moral Imperatives of Government Regulation” depicts that good regulation, rather than in the economic field, must express fundamental ethical principles particularly in the health and safety field. Hutt observes, however, that the ethical principles they embody are often in conflict with each other, making this form of regulation largely controversial .
To take historical context of government regulation in perspective, markets in Islamic Spain were carefully regulated, from which numerous officers strived to supervise their daily operation. The subsequent segment of this paragraph by Ibn Abdun portrays examples of the said regulation …show more content…
In spite of the conflicts that may occur, when the role of regulation by the authority is included in the consideration of enhancing living standards and promoting social agreement, it plays a vital role in the growth of a nation. By virtue of this, benefiting from the appropriate timing, geographical convenience, and favourable human relations, economic prosperity and religious harmony in Islamic Spain transpired not by coincidence, but remained convincingly the consequences of the Muslim reign and regulatory
In “The Effects of Economic Regulation,” Joskow lists some of the attributes of “good regulation”. He argues that good regulation is supposed to restrain quantity and promote quality. He also points out that good regulation constrains prices so that the firms earn neither excess nor insufficient profits. He goes on to say that good regulation regulates the efficiency of the structure of interest rates .
Alternatively, Hutt in “Five Moral Imperatives of Government Regulation” depicts that good regulation, rather than in the economic field, must express fundamental ethical principles particularly in the health and safety field. Hutt observes, however, that the ethical principles they embody are often in conflict with each other, making this form of regulation largely controversial .
To take historical context of government regulation in perspective, markets in Islamic Spain were carefully regulated, from which numerous officers strived to supervise their daily operation. The subsequent segment of this paragraph by Ibn Abdun portrays examples of the said regulation …show more content…
In spite of the conflicts that may occur, when the role of regulation by the authority is included in the consideration of enhancing living standards and promoting social agreement, it plays a vital role in the growth of a nation. By virtue of this, benefiting from the appropriate timing, geographical convenience, and favourable human relations, economic prosperity and religious harmony in Islamic Spain transpired not by coincidence, but remained convincingly the consequences of the Muslim reign and regulatory