Summary: Embracin Government Regulations

Society prides itself on moving forward. On growing, learning and improving. Lessons from history are reviewed and analyzed to ensure the same errors are not committed in the future. In commerce, governments stepped in to protect society and the environment with regulations. Government regulations control and define what business may and may not do. Initially, government’s commercial regulations proved beneficial and even crucial to society. However, over time governments continued to impose regulations upon business which have gone far beyond public safety to a level which adversely affects the growth of western economies and entrepreneurship. Government regulations have created undue hardships for entrepreneurs; they are unnecessary and can even be harmful to its citizens. Through

A high minimum wage is another regulation instilled by the government that negatively impacts entrepreneurs looking to grow. This government created initiative, while appearing beneficial to low income, low skilled workers actually negatively affects them. A recent study preformed by David A. Macpherson found that a rising minimum wage directly correlated with an increased unemployment rate. This is in large part due to small businesses being unable to afford to pay these higher rates to their employees preventing their business from growing and hiring more workers. If minimum wage is set too high small business may even be forced out of business due to their inability to pay their staff. Companies are also more likely to replace workers with machines whenever possible in the effort to save money. This idea of raising the minimum wage sounds great but when one delves deeper into the issue it creates a number of economic issues which can be at best detrimental and can even be fatal in the life of a