>Regulatory oversight is not necessary for safety to improve over time.
Doesn't this neglect the deaths in the short term? If we remove all speed limits and safety regulations on cars, there will likely be a spike in deaths. Maybe there will be enough public sentiment to change that, but there will be a lag that creates an awful lot of death in the near term.
(I'd also argue that regulation is one of the main mechanisms the public exerts such demands, because there is a natural asymmetry in market power between a manufacturer and a collection of individuals)
yes, it's a very cynical argument along the lines of "abolish the FDA and people will learn how to deal with food and drugs that negligently cause death
we did find a way to deal with it, it's regulation. if the regulation is too slow, fund more people doing the work.
Doesn't this neglect the deaths in the short term? If we remove all speed limits and safety regulations on cars, there will likely be a spike in deaths. Maybe there will be enough public sentiment to change that, but there will be a lag that creates an awful lot of death in the near term.
(I'd also argue that regulation is one of the main mechanisms the public exerts such demands, because there is a natural asymmetry in market power between a manufacturer and a collection of individuals)