Government and Consumer Economic Wellbeing

Abstract

Government can enhance consumer economic wellbeing through various approaches. One major approach is to regulate the market to rebalance powers between consumers and businesses. The focus of this chapter is government regulation related to consumer protection. In this chapter, regulation is fi rst defi ned and categorized. Relevant regulation theories are then discussed. A theory of public policy setting is introduced and the role of American presidents in making consumer protection laws is discussed. After briefl y introducing consumer laws, government regulations in the fi elds of consumer safety and fi nance are introduced. State level consumer protection laws in the USA are also introduced. Finally, government consumer protection measures are compared at the international level.