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In this episode of the Heartland Daily Podcast, managing editor Jesse Hathaway and Towson University economics lecturer Howard Baetjer talk about how free-market forces are more efficient than government regulatory boards and commissions at “regulating” the quality of consumer goods and services.
Often, when people think of the word “regulation,” they usually think of bureaucrats enacting new laws and rules, but the free market’s forces surround us all the time, “regulating” the prices of goods and services, and even what services are provided.
Baetjer explains how using the free market to regulate consumer quality is more effective than using the government to restrict consumer choices, explaining how voluntary standards boards and associations, like Underwriters’ Laboratories for the rest of the economy, remove the need for complex government restrictions that may not even work in consumers’ best interests.