Competition tends to bring about a better product or service, at a lower price, than does monopoly. This is a basic premise held by virtually all economists, disputed by pretty much no one in the profession. The entire antitrust edifice of the American system is built upon this foundational aspect of the dismal science.
And yet when push comes to shove, our society jettisons this insight, at least when it comes to assuring the quality of our food and drugs.
The Food and Drug Administration is a monopoly agency entrusted with this task. Its word is final concerning such matters. No competition is allowed. If a private agency set itself up as an alternative, it would first be subjected to raucous laughter, and then its creators jailed.
The FDA is a licensing agency. If it does not approve of a food or drug, it is illegal to offer it for sale. What is the non-monopolistic alternative to this sad state of affairs? This is called certification. How, pray tell, does this work? It is simple. Different firms set themselves up as evaluators of the quality of food and drugs, and each of them subjects these products to their examinations. They certify some as approved, and list others as not approved.
Five U.S. athletes have tested positive for coronavirus prior to the start of the Tokyo Olympics, crushing their dreams of competing in the world’s largest sporting event.
U.S. men’s basketball player Bradley Beal tested positive on July 15 which made him unable to travel to Tokyo, USA basketball announced in a tweet.
U.S women’s tennis star Coco Gauff announced on twitter that she tested positive for COVID on July 18. Gauff, 17, received her positive test in Tokyo, and has been barred from competing in the Olympic games, according to the tweet.
This writer and others who for decades railed against outsourcing industries to the People’s Republic of China were long dismissed as crackpots and Luddites. Now many of those who were doing the dismissing have been forced to admit the true cost of cheap goods is very high.
The Chinese Communist Party virus has exposed many of our nation’s infirmities.
The most glaring is our dependence on Communist China for medicine, medical equipment, and so many other essential goods.
by Rick Manning The bedrock of American commerce – and of the broader capitalist experiment – has always been competition. If you can build a better mousetrap, invent a longer-lasting light bulb or more efficiently churn out widgets (or in this case, clichés), odds are your endeavor will encounter success. It doesn’t…
The 2019 Ohio Star Constitution Bee is open for registration! If you have a secondary school-level student enrolled in a public or private school, or an accredited homeschool program, they are eligible to participate in this original, one-day event to be held Saturday, April 13, 2019. This will…