Log out Go to App
Go to App

Learning Materials

Features

Discover

Chapter 2: Problem 11

What are the advantages and disadvantages of the regulatory approach versus a market approach to policy development?

Short Answer

Expert verified
The regulatory approach to policy development entails clear rules, uniformity and is often considered more predictable. However, it may inhibit innovation and can be slow due to bureaucratic red tape. Conversely, the market approach allows for more innovation, promotes efficiency due to competition, and is more adaptable. Its disadvantage would be potential for inadequate regulations, inequality and can sometimes be unpredictable.

Step by step solution

01

Analyzing Regulatory Approach

Start with describing regulatory approach to policy development. This is a system where rules and regulations are created and enforced by governmental institutions. Write down the advantages and disadvantages of this approach.
02

Analyzing Market Approach

Next, discuss market approach to policy development. This process involves policies derived from the influence of market forces and competition. List the advantages and disadvantages of this approach.
03

Comparing Both Approaches

Lastly, compare both approaches based on their advantages and disadvantages. This will shed light on which approach could be more beneficial given specific circumstances or requirements.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Give two examples of pollution control. For each control, identify at least one cost and one benefit.

Describe the various bodies responsible for U.S. environmental public policy at the federal, state, and local levels.

List the four stages of the policy life cycle, and show how the discovery of ozone layer destruction and the subsequent responses to it illustrate the cycle.

Explain the importance of considering both intragenerational equity and intergenerational equity in addressing resource allocation issues.

What is the role of the World Trade Organization, and what have been some of the challenges to this role?
See all solutions

Recommended explanations on Environmental Science Textbooks

Environmental Research

Read Explanation

Sustainability

Read Explanation

Ecology Research

Read Explanation

Biological Resources

Read Explanation

Pollution

Read Explanation

Energy Resources

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free