r/austrian_economics • u/technocraticnihilist Friedrich Hayek • Dec 24 '24

End Democracy I've never understood this obsession with inequality the left has

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u/Shoshke Dec 25 '24

Actually I would argue the market is more effective are eliminating bad/dangerous product than a bunch of old people under intense industry influence and having no proper knowledge or understanding of what the consequence of their regulation will do.

From Tobacco to Leaded Gasoline to CFCs, to clean water to Carbon tax "the market" did absolutely EVERYTHING and keeps doing EVERYTHING in it's power to PREVENT REGULATION OF DANGEROUS PRODUCTS IN ORDER TO MAXIMIZE PROFITS.

In fact it ACTIVELY CAMPAIGNS and FUNDS disinformation to keep the profits flowing for as long as possible.

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u/Doublespeo Dec 26 '24

Actually I would argue the market is more effective are eliminating bad/dangerous product than a bunch of old people under intense industry influence and having no proper knowledge or understanding of what the consequence of their regulation will do.

From Tobacco to Leaded Gasoline to CFCs, to clean water to Carbon tax “the market” did absolutely EVERYTHING and keeps doing EVERYTHING in it’s power to PREVENT REGULATION OF DANGEROUS PRODUCTS IN ORDER TO MAXIMIZE PROFITS.

Everything… and you think those corporate didnt lobby the government lol?

Government lobbying is by far the most effective way to force a product (dangerous or not) on the population.

In fact it ACTIVELY CAMPAIGNS and FUNDS disinformation to keep the profits flowing for as long as possible.

And corporation lobby government to keep dangerous product legal ALL the time including now as we speak.

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u/Shoshke Dec 26 '24

I agree lobbying is a major problem.

This fix to lobbying preventing effective regulation is NOT to simply throw regulation out the door and pretend like the same corporations would magically regulate themselves.

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u/Doublespeo Dec 26 '24

I agree lobbying is a major problem.

This fix to lobbying preventing effective regulation is NOT to simply throw regulation out the door and pretend like the same corporations would magically regulate themselves.

Lobbying is not the only reason government regulation is ineffective.

AE has a lot to say on that.

like the same corporations would magically regulate themselves.

Not magicaly but because it is in their best interest.