Who says that only government has the incentive or ability to regulate product quality in consumers’ interests? Wal-Mart is doing it now.
(HT Karol Boudreaux)
Brand names of products, producers, wholesalers, and rretailers — much derided by the economically misinformed — provide what is likely a far more powerful check on poor product quality (that is, product quality below buyers’ expectations) than does command-and-control regulation.
