Comments for

2007-10-03T21:16:42Z

After independent tests show lead in Walmart pet toys, Instead of solving the problem or even fulfilling a pledge to test the toys, Walmart summoned one of its PR minions from a pile of feces located under a cesspool in Chernobyl to try to bully ConsumerAffairs.com with legal threats and disinformation. [ConsumerAffairs]

Comment from pestie on 2007-10-03

2007-10-04T01:19:26Z

@Jozef: In theory, there's no difference between theory and practice. In practice, there is.

Comment from mconfoy on 2007-10-03

2007-10-04T01:17:35Z

@Jozef: It assumes that all information about the products is freely available and known. Clearly its not. In order to have a true free market, we need regulation to assure that we all know the rules and play by the rules. If people think that you may poison them and are not sure who may or may not, they will just leave the market. A free market can contain many such market failures that require regulation to assure an efficient, orderly operation of the market. Free markets do not equal no regulation. Read Adam Smith.

Comment from Nighthawk Foo on 2007-10-03

2007-10-03T23:57:32Z

Eek...I think I own that green monster toy!

Comment from Trai_Dep on 2007-10-03

2007-10-03T23:13:13Z

Classic economic schemes used by Libertarians and Free Market adherents have as much to do with reality as Communism did. Flip sides of same unrealistic situations.

Comment from spevman on 2007-10-03

2007-10-03T21:57:43Z

@Jozef:

While your argument is completely logical and in keeping with economic theroey, it would mean that part of the product "experiences" the consumer would be taking into account in their decisions would be sickness and death due to product use. This is why we need the regulation.

Comment from Papa Midnight on 2007-10-03

2007-10-03T21:44:26Z

Never fails...

Comment from Jozef on 2007-10-03

2007-10-03T21:43:44Z

@timmus: The basic argument here - shared with classical economists - is that supply and demand are in balance; that we don't have to live in a supply-side economy. According to this argument, in a truly free market people are able to demand products that suit their needs. As a result, if people don't want Chinese toys, they can demand US-made toys. Even though stores may not want to carry other the Chinese toys, the lack of supply and excess demand will push the prices up until an equilibrium is found.

In addition to the supply/demand equilibrium, there will be an equilibrium between price and health. People may be willing to pay only a certain amount extra for healthy toys, but that should be their choice and not someone else's.

Comment from timmus on 2007-10-03

2007-10-03T21:34:08Z

I don't understand how libertarians can make a case for getting rid of government regulation when it is patently clear that such a thing would open the Chinese poison train floodgates. Market forces will definitely not be looking out for our safety. I feel like we're damn lucky that ANYONE is looking at this issue.