Final answer:
While the government plays a role in regulating businesses to ensure equity and security, too much interference can stifle competition and innovation. It's not feasible to outlaw all potential business malpractices due to the dynamic nature of the market and the need to balance regulation with free market principles. A balance must be found to protect consumers and allow businesses to thrive in a capitalist economy.
Step-by-step explanation:
The question of whether the government should be involved in business is complex. Governmental intervention can create a framework for equity and security in the economy by enforcing regulations that protect workers, consumers, and the environment. However, excessive regulation may stifle innovation, create inefficiencies, and limit competition, which are the driving forces behind a dynamic and prosperous market economy. The possibility for government to outlaw everything that businesses could do wrong is not feasible, given the dynamic nature of businesses and innovation. Comprehensive regulation could overwhelm businesses and the bureaucracy itself, hindering economic growth.
Historically, regulations came into play to limit the power of robber barons and corporate trusts, responding to public demand for oversight. While some regulation is necessary to stay ahead of rogue businesses, it must balance consumer protection with the need for businesses to operate freely.
Furthermore, there are non-profit organizations and public services that also contribute to the economy, which are beyond profit-making businesses and have different regulatory needs. In conclusion, while the government has a role in regulating business practices, there is a strong argument for restraint to ensure that the market remains competitive and efficient.