Schultze asserts that social regulation has become increasingly important over the last ten years and now dominates the discussion of regulation. Rather than focusing on who shall produce a product or service and what price to charge, which is the chief concern of economic regulation, social regulation focuses on environmental, health, safety, and information issues. Schultze describes some of the Carter administration's efforts to manage the regulatory sector in a more effective and efficient manner. Questions after the speech deal with inflation and the federal budget.