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> consumers have chosen with their wallets on this one. There are plenty of situations where we do not simply let the default selection made by consumers stand
by Kadin 9y ago
> consumers have chosen with their wallets on this one.
There are plenty of situations where we do not simply let the default selection made by consumers stand, because often that choice is suboptimal or intensely shortsighted. Particularly when economies of scale often push the preferences of a small number of early-adopter consumers onto the rest of the market, whether they have the same preferences or not.
More generally, expecting a consumer operating with very limited information, limited time, and limited interest and incentives, to make a purchasing decision that may have substantial unaccounted (and unpriced!) externalities is foolish.
We should stop treating the consumer's off-the-cuff decision of what to purchase as holy writ, given the many examples of consumers happily trading away the "right" to purchase shitty products in an unregulated market for higher quality products in a regulated one.