Editing Deregulation (section)

=== For deregulation ===
Many economists have concluded that a trend towards deregulation will increase economic welfare long-term and a sustainable free market system. Regarding the electricity market, contemporary academic Adam Thierer, "The first step toward creating a free market in electricity is to repeal the federal statutes and regulations that hinder electricity competition and [[consumer choice]]."<ref>{{citation
 |url         = http://www.heritage.org/research/energyandenvironment/bg1169.cfm
 |title       = A Five-Point Checklist For Successful Electricity Deregulation Legislation
 |first       = Adam D.
 |last        = Thierer
 |publisher   = [[The Heritage Foundation]]
 |issue       = 1169
 |date        = 13 April 1998
 |access-date  = 2009-04-26
 |url-status     = unfit
 |archive-url  = https://web.archive.org/web/20090404155331/http://www.heritage.org/Research/EnergyandEnvironment/BG1169.cfm
 |archive-date = 4 April 2009
}}</ref> This viewpoint stretches back centuries. Classical economist [[Adam Smith]] argued the benefits of deregulation in his 1776 work, ''[[The Wealth of Nations]]'':<blockquote>[Without trade restrictions] the obvious and simple system of natural liberty establishes itself of its own accord. Every man...is left perfectly free to pursue his own interest in his own way.... The sovereign is completely discharged from a duty [for which] no human wisdom or knowledge could ever be sufficient; the duty of superintending the industry of private people, and of directing it towards the employments most suitable to the interest of the society.<ref>{{Cite book|title=The Wealth of Nations|last=Smith|first=Adam|publisher=James Decker|year=1801|location=Paris|pages=96}}</ref></blockquote>Scholars who theorize that deregulation is beneficial to society often cite what is known as the Iron Law of Regulation, which states that all regulation eventually leads to a net loss in social welfare.<ref>{{cite journal |id={{ProQuest|1282085602}} |last1=Green |first1=Kesten |title=Should government force companies to be responsible? |journal=Review - Institute of Public Affairs |location=Melbourne |volume=64 |issue=4 |date=December 2012 |pages=44–45 }}</ref><ref>{{cite journal |last1=Armstrong |first1=J. Scott |last2=Green |first2=Kesten C. |title=Effects of corporate social responsibility and irresponsibility policies |journal=Journal of Business Research |date=October 2013 |volume=66 |issue=10 |pages=1922–1927 |doi=10.1016/j.jbusres.2013.02.014 |citeseerx=10.1.1.663.508 |s2cid=145059055 }}</ref>