d. While industrial regulation is sound in theory, bureaucrats allow monopolists to obtain excessive profits. According to the public interest approach.
regulations often aim to protect and benefit the broader population. The ideal method for allocating resources to the general public is through consideration of public interest. As a result, the idea is a social welfare economics theory that contends rules must include social welfare. The public interest theory of regulation supports the idea that regulation is sought in order to accomplish common objectives. According to the public interest theory of regulation, governmental regulation serves to safeguard and advance the general welfare. The welfare or well-being of society and the general public is referred to as the public interest. In this context, regulation refers to the use of legal tools (laws and rules) to carry out policy objectives. Public interest theory clashes with public interest.
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