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A Market for Safety?
Author(s) -
MELNYK ANDREW
Publication year - 1983
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1983.tb01523.x
Subject(s) - inefficiency , legislation , business , safety standards , risk analysis (engineering) , consumer safety , marketing , public economics , economics , engineering , market economy , law , political science , reliability engineering
Calls for more stringent safety legislation ignore the fact that safety has a cost, like any other good. To impose standards of safety beyond those consumers indicate they desire through purchase in the market increased inefficiency. Excessive caution in drug protection may kill more people than it saves.