RE: Re: Re: state power theory of money

["Devine, James" <jdevine@xxxxxxx>]

Michael Perelman writes:
> Back in the 1960s, I spent a couple of afternoons with him [David
Friedman, son of Milton] at his apartment. He had a good sense of humor.  He
also thought that his father was too liberal.  He wanted to abolish the FDA.
Companies that sold  bad medicine would be punished in the market place.<

The MF himself suggests that we get rid of the Food & Drug Administration in
his CAPITALISM & FREEDOM. Once you've discovered that Thalidomide led to the
horrible birth defects of your child, you refuse to buy that product again,
so that the company eventually pulls the product from the market, bowing to
the sovereign consumer...

In reality, what would happen is that a lot of people would sue. The FDA
seems aimed at protecting Pharma (both Big & Small) from law-suits. A lot of
US government regulations seem to fit this description (rather than being an
expression of the "will of the people"). Unless it's through law-suits (and
their avoidance) that the "will of the people" is expressed?
Jim D.