How exactly do markets regulate themselves? How can we be assured of quality and safety without government regulation? Is there any such thing as an unregulated market? These questions (and many more) were clearly and eloquently answered by Dr. Howard Baetjer, a professor and frequent contributor to the Foundation for Economic Education, last Tuesday, April 11th.
Of the dozens of students who came to the event, many had doubts as to how markets could regulate themselves. Throughout Dr. Baetjer’s presentation, all of these doubts were cleared up. Dr. Baetjer explained how market regulations operate through choice, while government regulations operate through force. He explained how quality assuring enterprises arise in markets. Finally, he clarified that while quality assuring enterprises themselves compete in the market, the government’s quality assuring enterprises are monopolized.
All in all, we had an excellent turnout, a very informative lecture, and an engaging Q&A. Our members enjoyed the event, as did curious newcomers. To see the full footage, click on the link to see our Facebook Livestream: