[jwallaceparker]

> I'm a huge fan of free markets, but there are market failures requiring some government intervention in the form of contract law, property law and its exemptions, and regulation in specific situations.

I agree that contract and property law need to be enforced - this is a vital component of a free market. But I don't consider that regulation or intervention.

What are the "specific situations" that demand regulation?

[amarv1n]

property law is definitely a form of regulation. go to a country without regulation, like afghanistan, and you'll see no property law :) there's an entire semester in law school on the intricacies of property law, including fee simple, easements, etc., because property law doesn't come from heaven, it's made by men to regulate our affairs. beyond that, of course, there's regulation of restaurants, securities regulation, regulation of wireless spectrum regarding interference, regulation of satellite orbital slots, regulation of food safety, of drugs, of the legal profession, of the medical profession, etc. often for safety, often because of factors like information asymmetries or high transaction costs. Joseph Stiglitz's writings might interest you on the topic, the stuff he won a Nobel for.