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Bonus Quotation of the Day…

… is from page 187 of 1982 economics Nobel-laureate George Stigler‘s 1971 essay “Can Regulatory Agencies Protect the Consumer?” – which is reprinted as Chapter 11 of Stigler’s 1975 collection, The Citizen and the State: Essays on Regulation:

The individual consumer has no real defense, given the nature of our political process, which allows compact groups with substantial per capita interests to win out over diffused masses of consumers, no one of whom can effectively combat special interest legislation.

DBx: Yes.

Giving government discretionary power to protect consumers is akin to giving wolves discretionary power to protect sheep.