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AC502-3: Investigate the various areas of property and employment law and the legal concept of agency.

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?

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