The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Thomas Sowell, Ph.D.

Who Protects The Consumer?

Free To Choose Part 7

Various government agencies have been created on the claim that they will protect the consumer. These agencies restrict freedom, stifle beneficial innovation, and become agents for the industries or groups they are intended to regulate. Milton Friedman explains how the apparent chaos of the market place, the competition of many suppliers for business, is the best protection of consumer interests.

Author: Milton Friedman
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