Consumer-protection laws and regulations are often rationalized on the grounds that without them the public would make uninformed or foolish choices. But the risks arising from imperfect knowledge prompt consumers and entrepreneurs to discover new ways to assure quality and safety, thus undercutting the case for government regulation.


Other Independent Review articles by Daniel B. Klein
    Winter 2018   The Joys of Yiddish and Economics
    Fall 2012   Most Economists Welcome Ideological Openness
    Fall 2012   The Improprieties of the Pretense of Knowledge
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