Understanding Professional Self-Regulation

In the course of daily life, people routinely come together to make business transactions in which they buy and sell products and services ranging from groceries to dental care. When making these transactions, some people may be disadvantaged as compared to others, due an imbalance of information and knowledge. While the average person will be able to determine when a piece of fruit has spoiled, they may have greater difficulty knowing if their car engine is beyond repair, or if they really require a root canal on a tooth. To address this problem, governments regulate a great deal of commercial activity within society, in order to create a more level playing field between experts and the general public.