Final answer:
The philosophy of self-regulation by industry members emphasizes industry members setting their own standards instead of strict government control. It is based on the belief that industries can protect their own value and ensure quality through self-regulation. This approach is associated with free-market economics and the idea that government interference in the exchange of goods and services is unnecessary.
Step-by-step explanation:
The philosophy of self-regulation by industry members refers to an approach where industry members take on the responsibility of setting their own standards rather than relying on strict government control. This philosophy emphasizes that industries have a vested interest in protecting their own value and can self-regulate to ensure the quality of their products or services. It is based on the belief that industries, not governments, are in the best position to know how their actions will attract customers or increase efficiency. This approach is often associated with the principles of free-market economics and the belief that government interference in the exchange of goods and services is unnecessary.