Right to know rather than regulations

The cover feature on this week’s The Economist about regulations in the United States.

Mostly the rationalization for economic legislation and regulations is to protect the public, but I have a theory that most of these work to restrict competition so that some producers of goods and services can make excessive profits at  the expense of consumers.

What we really need is protection from those who would restrict competition.

In the final analysis we as individuals are the ones who suffer when we do stupid things.  When governments make regulations to protect us from our own stupidity they are taking away from us the responsiblity to know what we are doing.

I figure the economic role of government should be to make sure we all have the information upon which to make decisions according to our values and the risks we are prepared to take.

Therefore, rather than lots of economic legislation and regulations governments should require producers of goods and services to make available full information about their products, their companies and their industries.  Right to know legislation should go so deep that legislators would need police protection  from all the lobby groups in the country.

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