It’s not a straw-man argument at all. For consumers to have the market power to deter bad products without legislation as libertarians claim they have, that has to be true. That it is not true gives the lie to the argument that consumers’ have the market power to deter bad products without legislation.

Your numbered points are the same old theoretical arguments that I addressed in my column. As my column points out in the real world (1) there are many situations where your theory doesn’t work and is factually not true (2) there will always be companies who realize that they can make more money with a bad products and abusive terms than good ones and (3) even if 90% of the products are good that leaves thousands or millions of consumers damaged if the other 10% of bad products are allowed to be sold.

When health, lives and the loss of the money that means the difference between paying the rent or not are at stake, mostly safe products are not even close to an acceptable situation.

I’m happy to have people read my column about situations in the real world and your theoretical predictions and decide for themselves.

Graduate of Stanford University & U.C. Berkeley Law School. Author of 17 novels and over 200 Medium columns on Economics, Politics, Law, Humor & Satire.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store