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Message
Milton Friedman - Consumer Advocacy v. Self Interest
Posted on 2/22/14 at 2:39 pm
Posted on 2/22/14 at 2:39 pm
LINK
let me ask those who support consumer protection laws one question: which choices do you believe need to be made for you (by others, obviously) with regards to your role as a consumer buying products and/or services?
if you agree and will allow me a second question let me ask another: what qualifications do you believe are proper and/or necessary for those "betters" who do get to make these decisions for you?
*ETA: full disclosure: i made this thread while in a full speed due to a small, nutritious lunch i ate and a new supplement (coconut oil)...both life choices are relatively new for SFP and done on my own, after doing my own research.
let me ask those who support consumer protection laws one question: which choices do you believe need to be made for you (by others, obviously) with regards to your role as a consumer buying products and/or services?
if you agree and will allow me a second question let me ask another: what qualifications do you believe are proper and/or necessary for those "betters" who do get to make these decisions for you?
*ETA: full disclosure: i made this thread while in a full speed due to a small, nutritious lunch i ate and a new supplement (coconut oil)...both life choices are relatively new for SFP and done on my own, after doing my own research.
6
Posted on 2/22/14 at 3:09 pm to SlowFlowPro
I love milton friedman videos.
Posted on 2/22/14 at 3:13 pm to SlowFlowPro
Do you have time to research every single good, product and service you buy?
Posted on 2/22/14 at 3:17 pm to cwill
quote:on varying scales yes. the more expensive the product or the more important is is to my health i research it and choose the best one for me.
Do you have time to research every single good, product and service you buy?
this is even easier now than it was when friedman made this video. social media and the internet have made product reviews instantaneous. Same for restaurant reviews, auto shops, etc. all reviewed by other consumers.
you don't?
This post was edited on 2/22/14 at 3:17 pm
Posted on 2/22/14 at 3:40 pm to drexyl
Everything, not just your TV and laptop - everything. Neither you nor I have the time or the ability to effectively research and verify everything we buy, use or consume. It would be a full time job and even then you still wouldn't have the expertise for everything.
Posted on 2/22/14 at 3:40 pm to cwill
quote:
Do you have time to research every single good, product and service you buy?
i free ride off others and through past experiences
big purchases?
Posted on 2/22/14 at 3:47 pm to cwill
I'll take my chances. I'm Not a fan of trusting someone in Washington to be motivated by anything other than serving themselves. I am better capable of looking out form my well being.
The law should govern fraud and deception. It should not make choices for the citizenry. Citizens should do their own shopping. Better decisions are made closer to home.
The law should govern fraud and deception. It should not make choices for the citizenry. Citizens should do their own shopping. Better decisions are made closer to home.
This post was edited on 2/22/14 at 3:49 pm
Posted on 2/22/14 at 3:48 pm to SlowFlowPro
quote:
i free ride off others and through past experiences
Big purchases are not part of the equation we all do that but you enjoy a large number of products and services without concern or a second thought because of regulation.
And let me be clear regs have overreached and have advanced into the land of absurd but the solution isn't no regulation. There's something to be said for standards, for specialization. All my energy goes into doing what I do to make a living. I don't have time to research toilet paper, toothpaste, vitamins, tinfoil, couches, toys, motor oil. And I'm not talking about which is better but just a baseline safety, quality.
Posted on 2/22/14 at 3:58 pm to SlowFlowPro
do consumer protection laws, as used in your OP, extend to labeling requirements standards for food, etc.?
afaik those would fall under common conceptualization of consumer protection, BUT labeling requirements don't involve someone making a choice for me, as a consumer, which is the main premise of the OP
afaik those would fall under common conceptualization of consumer protection, BUT labeling requirements don't involve someone making a choice for me, as a consumer, which is the main premise of the OP
Posted on 2/22/14 at 3:59 pm to SlowFlowPro
I own a pest control company in Fla. The rules and regs we have to abide by do next to nothing to keep you safer....NOTHING.
I can be greedy all day long, but if I'm not doing the work correctly, then the treatments won't work or harm can happen, which means I lose a customer and/or face a lawsuit. The market (and my morals) keep me in line.
I've been in this business for 15 years, but according to "the law", if I don't renew my licenses, then I'm "unqualified" to treat someone's home, yet a guy w/ 1 month experience who works for a large firm is qualified.
License laws, for the most part, protect big companies. That's it.
I can be greedy all day long, but if I'm not doing the work correctly, then the treatments won't work or harm can happen, which means I lose a customer and/or face a lawsuit. The market (and my morals) keep me in line.
I've been in this business for 15 years, but according to "the law", if I don't renew my licenses, then I'm "unqualified" to treat someone's home, yet a guy w/ 1 month experience who works for a large firm is qualified.
License laws, for the most part, protect big companies. That's it.
Posted on 2/22/14 at 4:00 pm to cwill
you're never going to have perfect information regarding a product. even if you did perfect research about the general output of a certain product, you can still get a defective outlier
when i was talking about free riding and past experiences, i meant for the "small stuff".
when i was talking about free riding and past experiences, i meant for the "small stuff".
Posted on 2/22/14 at 4:02 pm to SlowFlowPro
quote:
new supplement (coconut oil)
I thought coconut oil was a saturated fat and generally unhealthy?
Posted on 2/22/14 at 4:07 pm to GumboPot
medium chain triglycerides
do you even MCT?
do you even MCT?
Posted on 2/22/14 at 4:59 pm to cwill
quote:that's why i said in varying degrees. it would be insane to fully research every single product.
Everything
but i believe the consumer would be able to do this just fine on their own.
like i said, through the internet you have cloud sourced consumer ratings of virtually every product large or small.
Posted on 2/22/14 at 5:18 pm to cwill
quote:
Big purchases are not part of the equation we all do that but you enjoy a large number of products and services without concern or a second thought because of regulation.
Many items are repeat items. No need to deeply research more than once. Even then it may be something you have used since you were a child and your parents researched.
Posted on 2/22/14 at 5:35 pm to cwill
quote:
Do you have time to research every single good, product and service you buy?
Yes. The US Consumer Product Safety Commission was formed in 1972. I was already an adult and a consumer for years. Had no problem making decisions before they existed.
Posted on 2/22/14 at 5:41 pm to Zach
quote:the old guy that owned the small convenience store where i grew up always said 'we lived a long time without expiration dates.'
Yes. The US Consumer Product Safety Commission was formed in 1972. I was already an adult and a consumer for years. Had no problem making decisions before they existed.
Posted on 2/22/14 at 6:37 pm to drexyl
quote:
'we lived a long time without expiration dates.'
Posted on 2/22/14 at 7:33 pm to cwill
quote:
Do you have time to research every single good, product and service you buy?
You don't really need to, but I do. At the very least I ask friends for recommendations.
Posted on 2/22/14 at 9:57 pm to SlowFlowPro
quote:
let me ask those who support consumer protection laws one question: which choices do you believe need to be made for you (by others, obviously) with regards to your role as a consumer buying products and/or services?
I never noticed transfats adding any flavour, I would be fine with the FDA banning that.
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