RULES FOR GROWTH
What makes good regulation and how we can achieve it?
Bad regulation disincentivises good firms, corrodes economic activity and ultimately harms the poor
Good regulation is good for business, good for the economy and, most importantly, good for society. Good regulation provides an operating framework in which good companies are incentivised to conduct themselves in an honest, ethical and profitable manner. Bad regulation disincentivises good firms, corrodes economic activity and ultimately harms the poor. Moreover, more regulation does not translate into better regulation. Good regulation requires at least two elements: a clear and achievable objective and a legitimate and comprehensive trialogue between the regulator, the regulated community and the intended beneficiaries of the regulation. Good regulation is underpinned by universal principles of transparency, necessity, proportionality, effectiveness and flexibility. While the concept of radical economic transformation still evades definitional and operational clarity, the concept and desirability of inclusive economic growth enjoys widespread support. Inclusive growth means that ...
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