Product Safety - Ayn Rand Center for Individual Rights

http://www.aynrandcenter.org

Yaron Brook discusses product safety and accountability in a free market system.

Excerpted from the Q&A of the lecture "Capitalism without Guilt," given at UC Berkeley on November 24, 2008.

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[jvittetoe]

What a great explanation of how a truly free market would regulate itself.

[NotThat3]

Excellent. Some of the more rational-leaning people I know don't see how a free market could solve this issue. I often hear as an arguement something like:

"a contractor would build houses that fall apart afterwards if left unregulated" etc etc. That's just not true. This video explains it well.

[MrsSarb]

@StayingSain Yes you are correct and I pointed that out. In some situations they do such as accidents. I was pointing out that sometimes they do not though. There have been many situations in the past where you had to pay for legal fees out of pocket. It depends on the case.

[StayingSain]

@MrsSarb

I understand the first flaw you pointed out and I agree. The second flaw is the one I found interesting. Don't many law firms offer ways to get around paying for the resources used in the process of suing? Such as billing you only if you win the case and not charging anything if you lose.

[LifeinaRaindrop]

I wonder what it means for the decision-makers and leaders of these companies who lobby for law to do their own job. Who are they and what are their prerogatives? How do they run their business if they rather not be responsible for their own product?

[MrsSarb]

@iwustudent101 In the case of faulty products, you are correct. Many law offices will sue without a retainer. However, in many civil lawsuits like harassment issues, that is not always the case. As for the immediacy, I'm referring to situations where it may take years for the product to cause damage such as cigarette smoking or other types of toxins. Sometimes it takes years to have the full impact.

[MrsSarb]

I think the biggest flaw with this guy's reasoning is that many products do not have an IMMEDIATE bad result of poisoning. The average consumer will not sue a company unless they understand that they are actually being poisoned. Another flaw with this line of reasoning is that it only protects the rights of those who can afford legal representation. You have to have money to sue a company.

[ColBrokov]

I'm Ignorant? Here's a bit of free advice, before you type a comment, do some fact checking. You are on the internet already so there's no excuse. Google "Food Standards Australia". Once there take note of words such as " government agency" and "enforcement".

I lived in a country that really does have self policing. If you only saw the meat they had... their best trick was to sell frozen rotten meat, because when frozen you can't tell how old it is.

[kawaiigardiner]

I find it funny you talk about the FDA and yet countries such as New Zealand and Australia where inspection is left up to the company to conduct have lower rates of food poisoning at first sale than the United States. You really think that the little FDA stamp means anything? bloody hell you're ignorant! just look at the stuff that was approved then suddenly taken off the market because it was rushed through by political interference.

[kawaiigardiner]

great product being subjective though - then again, perception is reality. If you as a consumer believe that you have received value for money, for all intents and purposes, you have received value for money - even if an objective outsider could prove to the contrary.

[DominationCorp]

you have to consistently make a profit in order to pay off your expenses both fixed and variable. if you take the time and spend the money to open up shop and make of POS product, you'll lose business and go bankrupt.

[hhiippiittyy]

'have to make great product to make a profit'? wow, how fukn retarded is this guy?