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Well, if BP were exposed to the full liability here they would simply go out of business. I don't know about you, but personally I would rather people are prev
by loewenskind 16y ago
Well, if BP were exposed to the full liability here they would simply go out of business. I don't know about you, but personally I would rather people are prevented from killing me. Punishing them after the fact doesn't do me any good.
Your solution actually still seems to still call for regulation, just by a private company instead of the government. I would submit that there isn't a problem having government do the regulation, the problem would simply be having the US government doing them.
- dantheman 16y agoAny government doing the regulation has perverse incentives. The main effect of government regulation is to keep entrenched business successful and keep out new competition -- regulatory capture. The government has to do a balancing act because it doesn't compensate the victim and it doesn't want to drive businesses out of town -- how much regulation is too much, how much is too little. Look at how the FDA works -- they have nothing to lose when the deny a drug, and a lot hassle when the approve a drug that turns out to be harmful. This is why so many potentially effective drugs sit on the shelf waiting for further tests.