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this post was submitted on 05 Dec 2023
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No, free market never works, because all people cannot be experts on all subjects at all times.
Because of that, you end up with people dying as "collateral damage" while the free market "corrects itself." Things like: "Well they should have done their research and known that brand of car has faulty brakes, and went to a different company instead, so it's kind of their own fault." Or, "this is just part of the process. Now everyone will know (lol right) that this company makes cars with faulty brakes and stop buying their products," while completely ignoring that these are fucking people that are dying. That's not ok.
And what if a company decides to hide things about their product from the public? What happens when that very product ends up giving people mesothelioma, but because that's an illness that can take decades to manifest after exposure, there's no clear causal link to the regular consumer. How does the free market correct that one? Or do we just let people suffer and die horrible deaths so that we can keep using the cheaper kind of insulation and save a few bucks?
Sorry but the loss of human lives is not ever acceptable "collateral damage". Especially not when the loss is 100% unnecessary.
That’s not price regulation though, it’s more about quality control. I’m assuming there’s already laws in place that prevent glaringly faulty products from being sold (…unless the lobbyists start messing with stuff, but regulations wouldn’t really solve that either).
It was more about the “free market keeps prices low” argument. It does if we’re talking about easy-to-access markets, but it falls apart if the entry barrier is so high and the only parties can easily collude.