Regulations and Economic Welfare

The president recently signed an executive order fulfilling his pledge to reduce federal regulations because it is a widely held belief that unfettered business activity and free-market solutions are integral to economic growth and prosperity, and that government intervention and regulation would be inimical to growth and prosperity. It is difficult to argue with the success of a laissez-faire economic system especially when compared to the economies of the east European countries of yesteryear. But, can regulatory intervention promote a more competitive, efficient and fair economy? It is evident that in some instances, regulations can stimulate competition, fair play and innovation.