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timmus
October 3, 2007 4:34 PM
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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.

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Jozef
October 3, 2007 4:43 PM
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@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.

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Papa Midnight
October 3, 2007 4:44 PM
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Never fails...

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spevman
October 3, 2007 4:57 PM
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@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.

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Trai_Dep
October 3, 2007 6:13 PM
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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.

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Nighthawk Foo
October 3, 2007 6:57 PM
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Eek...I think I own that green monster toy!

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mconfoy
October 3, 2007 8:17 PM
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@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.

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pestie
October 3, 2007 8:19 PM
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@Jozef: In theory, there's no difference between theory and practice. In practice, there is.

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