[VIDEO] The Most Dangerous Monopoly: When Caution Kills

How the Free Market Can Better Ensure Safe Products

Everyone wants the items they buy to be safe to use or consume. Prof. Howard Baetjer of Towson University explains that when products undergo third-party certification processes to determine their safety, market forces are able to optimize the amount of testing conducted and consumers can use the information provided by certification firms to make their own decisions. It is difficult to say how much testing is enough: another test can always be run on a product, but at some point the benefit of the extra testing outweighs the costs.

In a free-market system, competition among certification firms allows the market to work as it should and prevents both under- and over-testing of products. Conversely, when the government holds the monopoly on safety standards, products are likely to be over-tested, delaying their entry into the market and making them more expensive. Sometimes the costs of such delays cannot be quantified; lives can be lost while life-saving medicines are held up in safety-testing processes. 

doyouevenliberty – runningrepublican

The most dangerous monopoly: When caution kills | LearnLiberty – YouTube


Check out Prof. Baetjer’s book that inspired this video:http://www.freeourmarkets.com/book/ 

Animated by Tomasz Kaye: http://www.patreon.com/tomaszkaye

 Learn More

http://www.amazon.com/Free-Choose-A-P… [resource]: Chapter 7, “Who Protects the Consumer?” 

http://www.amazon.com/Free-Our-Market… [resource]: Howard Baetjer book, specifically Charpter 6 “Market Forces Regulate”

http://www.youtube.com/watch?v=wwBg-X… : Alex Tabarrok lectures on the harm caused by the bad incentives for the FDA

http://fdareview.org/ [resource]: The Independent Institute questions whether the FDA is safe and effective with a body of research that dives in to the history of the FDA 

Some resources to back up particular claims:

http://www.ul.com/global/eng/pages/ab… 


http://www.ul.com/global/eng/pages/co… 

: UL offers a page of “Additional Resources” that lists other institutions that provide certification or establish safety standards: 

http://www.cato.org/pubs/pas/pa-288es… [analysis]: Noel Campbell’s Cato policy review -“Replace FDA Regulation Of Medical Devices With Third-Party Certification”

 For more resources, transcripts, videos, and more visit:
http://learnliberty.org/videos/most-d…


One Comment on “[VIDEO] The Most Dangerous Monopoly: When Caution Kills”

  1. […] Pundit from another Planet The Most Dangerous Monopoly: When Caution Kills Everyone wants the items they buy to be safe to use […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.