In response to:

Keeping Business Honest

Eli17 Wrote: May 23, 2012 12:33 PM
inkling, this is what niles never answers. He says fraud is an example of businesses not regulating themselves and that Stossel statement that fraud needs to be punished destroys his whole theory that they do not need to be regulated. That would be like saying because we have murderer's that we need more laws against murdering. Criminals will always find a way. What the regulations crowd never answers is 1)if the act is already illegal, why do we need more laws and 2)what proof is there that regulation works better than the market at policing businesses?
Instinctively, we look for people's motives. We need to know whom we can trust and whom we can't. We're especially skeptical of business because we know business wants our money.

It took me too long to understand that business's desire for profit is a good thing. To get our money, businesses -- if they can't look to the government for favors -- need to give us what we want. Then they must make continuous improvements and do it better than the competition does.

That competition is enough to protect consumers. But that's not intuitive. It's intuitive to assume that competition isn't...