“The business of business is business.”
Milton Friedman, Nobel Laureate, is quoted as saying, “The business of business is business.” He felt that business should be free to do what it needed to do to make as much profit as possible. For example, if society wanted clean air, it was not the responsibility of business but rather it would be up to government to set standards so that everyone played by the same rules. Under the common law, the employer-employee relationship was at-will, in the absence of a contract. Businesses had few restrictions regarding how they operated. One hundred and fifty years ago, there were no child labor laws or OSHA requirements. If you were injured on the job because of an employer’s poor safety practices, it was too bad because there were others who could take your place. How has this attitude changed in the United States? Write a research paper explaining the regulation of business in the United States. Prior to regulations being put into effect, what process does the agency go through to inform the public? How are changes to the current laws and regulations proposed and by whom? If regulations were eliminated, would employees be as safe? Would all businesses treat employees in a fair manner? Would your food and drugs be as safe? Could you use any radio frequency for any purpose even if it caused interference to airline traffic, TV and radio, or radio controlled train or traffic signals? What would be the effect on society, if there were no regulations regarding workers or the commons like the environment? In the employment relationship when would an employee be considered an agent and what are the duties and responsibilities of the principal and agent? Are agents always employees? Assignment Checklist: ? Explain administrative law in the United States and address: ? Enabling legislation ? Investigative and rulemaking powers ? Outline the laws and regulations that affect the employment relationship ? What are the main concepts in environmental regulation? ?
