A truly free market is characterized by a separation of government and economics. Individuals are free to engage in the economic activities of their choice, so long as they do not use force or fraud in dealing with others. Many believe that this is impracticable. Without government regulations, they argue, consumers will have no “protection” and will be left to the mercy of businesses.
It is important to realize that government regulations do not protect consumers from fraud or dangerous products. Despite an abundance of regulations, Bernie Madoff, Enron, and numerous other businesses have engaged in wholesale fraud. Rather than protect consumers, regulations create a false sense of security. Believing that regulators are preventing fraud, consumers often fail to engage in due diligence.
What is the alternative? Certainly, nobody wants to discover that his doctor is an incompetent hack. Nobody wants to buy tainted food or medicines. Nobody wants to be defrauded.
Even in our heavily regulated society today, there are many alternatives to government regulations. Organizations such as the Better Business Bureau and Angie’s List allow consumers to voice complaints about businesses and make recommendations. Organizations such as Good Housekeeping and Consumers Union test products and provide consumers with information to make intelligent buying decisions. Product manufacturers and trade organizations provide certification programs. And in a truly free market it is likely that other alternatives will be developed.
Advocates of regulation posit an irrational, and impossible, standard–preventing fraud and deceit. This is a Platonic ideal that does not and cannot exist. So long as men possess volition, they are capable of engaging in fraud. Rather than regulate and control all businesses, government’s proper role is to prosecute those who actually do engage in fraud or knowingly market dangerous products.
The alternative to government regulation is freedom–the absence of coercion in the relationships between men.
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His argument is that consumption drives production. This is the exact opposite of the truth–you can’t consume that which hasn’t been produced. His argument contradicts Say’s Law, which holds that pro
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Though I disagree with conservative talk show hosts on many issues, I do listen to them regularly. And more times than not, I find their defense of capitalism and free markets to be utterly lacking. With few exceptions, their argument consists of “capitalism works.”
Of course, this is correct. There is ample evidence–nineteenth century America, East Germany versus West Germany, communist China v…See More
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Hey Brian! What is ERCOT? Is electricity in Texas REALLY deregulated or did they just trade one slave-master for another? I ask because I was advocating the abolition of the local Corporation Commission and a free market in electricity recently and received some responses in which it was claimed that Texas and California had deregulated and the result was higher bills and rolling blackouts. So what’s really going on down there?
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Zoning vs. Eminent Domain: How Ventura County Shut Down The Pine Mountain Inn
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5 · June 3 at 10:53am -
“The real purpose of Measure Three is to put individuals ahead of the common good of all North Dakotans.” Wow. Seriously?
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A truly free market is characterized by a separation of government and economics. Individuals are free to engage in the economic activities of their choice, so long as they do not use force or fraud in dealing with others. Many believe that this is impracticable. Without government regulations, they argue, consumers will have no “protection” and will be left to the mercy of businesses.
It is important to realize that government regulations do not protect consumers from fraud or dangerous products. Despite an abundance of regulations, Bernie Madoff, Enron, and numerous other businesses have engaged in wholesale fraud. Rather than protect consumers, regulations create a false sense of security. Believing that regulators are preventing fraud, consumers often fail to engage in due diligence.
What is the alternative? Certainly, nobody wants to discover that his doctor is an incompetent hack. Nobody wants to buy tainted food or medicines. Nobody wants to be defrauded.
Even in our heavily regulated society today, there are many alternatives to government regulations. Organizations such as the Better Business Bureau and Angie’s List allow consumers to voice complaints about businesses and make recommendations. Organizations such as Good Housekeeping and Consumers Union test products and provide consumers with information to make intelligent buying decisions. Product manufacturers and trade organizations provide certification programs. And in a truly free market it is likely that other alternatives will be developed.
Advocates of regulation posit an irrational, and impossible, standard–preventing fraud and deceit. This is a Platonic ideal that does not and cannot exist. So long as men possess volition, they are capable of engaging in fraud. Rather than regulate and control all businesses, government’s proper role is to prosecute those who actually do engage in fraud or knowingly market dangerous products.
The alternative to government regulation is freedom–the absence of coercion in the relationships between men.
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An excerpt from my book (citations are in the book):
Americans with little education and few job skills must recognize the fact that their labor is not worth much in the market. If they wish to earn higher wages, then they must increase th…See More
Individual Rights and Government Wrongswww.amazon.comFrom the Tea Parties to Occupy Wall Street, Americans are not happy with their government and they are making their displeasure known. But what is causing this divide? And what is the solution? Individual Rights and Government Wrongs examines two fundamentally different views regarding what type … -
The consequences of conservative attacks on “illegal” immigrants could soon show up at the grocery store. Farmers in fifteen Southern states are facing a severe shortage of workers and may be unable to pick their crops. Conservatives, however, aren’t changing their tune.
The problem, conservatives argue, is that farmers won’t pay a wage high enough to attract American workers. If farmers did so,…See More
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On sale now at your local Amazon.com link.Individual Rights and Government Wrongswww.amazon.comFrom the Tea Parties to Occupy Wall Street, Americans are not happy with their government and they are making their displeasure known. But what is causing this divide? And what is the solution? Individual Rights and Government Wrongs examines two fundamentally different views regarding what type …
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Virtually every time government “deregulates” or “privatizes,” it is a complete misnomer and intellectually dishonest. For example, supposedly the electricity market in Texas was deregulated, yet the website for Texas Public Utilities Commission states: “What We Do: The Public Utility Commission of Texas regulates the state’s electric and telecommunication utilities, implements respective legislat…See More
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Among the many dangerous ideas percolating through the progressive movement, “the commons” is one of the most insidious.
Since Roman times, it has been held that certain resources, such as air and water, cannot and should not be privately owned. Instead, these resources are held “in common” and they should be protected by the state. While this may seem plausible—you can’t put a fence around air—…See More
