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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