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The concept of "voting with one's dollars" or "letting the market decide" is predicated on all parties having perfect information, i.e. everyone understands all
by Fej 10y ago
The concept of "voting with one's dollars" or "letting the market decide" is predicated on all parties having perfect information, i.e. everyone understands all laws, including this one. Naturally, this is rarely true in practice, hence the need for consumer protection laws.
- maxharris 10y agoWe're not living in the early 1970s anymore. Nowadays, if you want to dig into something, you're just a search away from deep knowledge about whatever you want. Learning is an inherently individual process, and it requires time and effort on the part of the learner. Just think back to when you were in school - we'll never all be equal in terms of what we know. (I shouldn't have to say this, but yes, it should be illegal to do things like sell a cake with an actual bomb inside it or something. Doing that is just plain murder, which is an entirely different phenomenon from what we're talking about here, which is whether or not a company has to honor a warranty for a device which the customer has tampered with in violation of contract.) Why should the range of options for those that avail themselves of information be limited for the benefit of those that do not?
- Fej 10y agoIt is not a reasonable expectation that consumers be aware of every law that may be applicable to a purchase. If we had to do that, we'd either have time for nothing else, or be lawyers.