Wednesday, October 26, 2011

Safety Regulations Don't Add Costs They Decide Who Pays Them

Seal of the Consumer Product Safety Commission.Image via Wikipedia
Robert S. Adler, who is a lawyer and a commissioner of the Consumer Product Safety Commission, wrote an excellent Op-Ed piece in the New York Times defending regulations.  With the daily barrage of individuals complaining about regulations and how regulations are stifling employment.  His Op-Ed piece "Safety Regulations Don't Add Costs They Decide Who Pays Them" tells us what these individuals complaining about over-regulation are leaving out.  That these costs are already being paid for by society (us) including death, injury, and increased costs for health insurance (or taxes for the uninsured).  We totally agree with his points, and his points also apply to environmental and occupational safety regulations.  Where the numbers may be a little more murky (i.e., relations with asthma and pollution, and productivity and safety), nonetheless, regulations basically ensure the company producing the product pays the cost.  Society pays for the true price of the product and decides whether that product is worth buying. 
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