Power of the Market - Consumer Protection

Milton Friedman discusses consumer protection agencies and the free market. (14 of 30) http://www.LibertyPen.com

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[CountArtha]

The best thing you can do for consumers is to let them decide what they want to buy.

[northduc]

Excellent video. With the populist meme today of more regulation, Friedman reminds us that with regulation comes the danger of government meddling which almost always creates more problems than it seeks to solve.

[TheMarksmenCat]

@projectbrumaire sure they are... but that's their problem. Government intervention can be a slippery slope - when you protect consumers from something, you could also invent countless reasons to do so for almost everything.

[Aanthanur]

wow good old Milton arguing against freedom.

[SevenSixTwoNato]

Also, does anyone know Friedman's position on the 6th Amendment? Specifically, the provision of Assistance of Counsel?

[SevenSixTwoNato]

Thumbs up for the awesome 'fro at 3:23.

[thelalaman]

GREED!!!



[Ravengaurd6]

@projectbrumaire when you let government decide you get disaster.even if people choose something that isn't good for them it's better than a government spreading out things where it it thinks it needs to go because it runs askew of both the needs and desires of the people and it can cause people to behave in destructive ways to meet their own ends. prohibition is an example.

[jordnthoms]

My little girl lost her hearing because a boy at school was shooting a Mexican cap gun on the playground. I wish the government could have helped her.

What Friedman says about prices is now debated among Economists. The free-market system is being questioned. We are finding that in certain industries only the price is different and not the quality, while in other industries only the quality is different and not the price.

[jrsub3]

@projectbrumaire 1) Point is, why did the Corvair start hysteria, if there were worse offenders?

2) That's a jump, comparing safety standard of the 60's to now. Also, if say you're right and we should have a third party inspect things like vehicles, then why does it have to be government?

Why can't we have companies, that can enter contracts w/ vendor and state, to inspect both fairly and quickly, w/ profit motive? Guaranteed things would be done quicker and cheaper.

[projectbrumaire]

When you let consumers decide, you get McDonalds.

[projectbrumaire]

@jrsub3

1) I have personally looked through the report he mentioned, and they way he summed it up was not exactly ethical. The Corvair DID compare favorably to other vehicles, beating most in terms of numbers but not all. But what he didn't mention was that average of the vehicles tested was very low. Look through it yourself.

2) Of course, but for systemic risks like vehicle safety, it is benificial as a whole to introduce safety standards.

Check the statistics of fatalities yourself!