cover image: Developing a framework for assessing innovation, productivity, and business impacts of regulation

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Developing a framework for assessing innovation, productivity, and business impacts of regulation

29 Aug 2006

The author reviews the scope and need for regulation in a modern society, and demonstrates that while regulation plays a fundamental role in the efficient and effective operation of the economy, some regulations can also be detrimental to the operation of the economy. [...] In addressing the issue of why Canadians should care about the impacts of regulation, the author examines the contributions business and the economy make to the attainment of social, political, and societal goals. [...] Some regulatory strategies seek to optimize the flexibility and incentives for the creativity of the stakeholders to find solutions to the regulatory goals through the creation of entirely new markets that put a value on the social goal and optimize the potential for market participants to create new and cost-effective solutions. [...] In addition and critically, by encouraging both the adoption of efficient solutions within firms and the growth of the most socially productive firms (e.g., global warming and the market for carbon credits), market-based approaches maximize the effectiveness of the responses across the economy. [...] Regardless of whether the regulatory goal is the production of economic or social benefits, it appears that regulatory systems that create the conditions and incentives to bring the innovative forces of competitive markets into play hold the promise of achieving the goals at the lowest cost to society.
innovation agriculture environment government politics economics economy productivity growth science and technology international trade markets canada resources biotechnology business competition competitiveness copyright economies of scale job creation labour trade regulation bank economic sector business cluster industrial productivity businesses job competition (companies) capital (economics)

Authors

Atkinson, Roy

Pages
66
Published in
Canada

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