Okay, it’s a trick question. The answer is “yes” and “no.” Yes, the government has the power to regulate almost all the economy (especially since the horrific Wickard v. Filburn case).
But it is also an emphatic “no,” because government rarely does a good job. In fact, government regulation often does more harm than good. A much better alternative is to let the economy run itself in a free market.
For Prager University, Steve Forbes explains why:
Now put down your pencils, close your exam books, and turn them in as you leave.