What Keeps Us Safe? - Mark Thornton - Mises Institute

What Keeps Us Safe? - Mark Thornton - Mises Institute: "Most people don't realize that dozens of products in their homes — toasters, fire extinguishers, space heaters, televisions, etc. — have been tested by the Underwriters Lab for safety. The Lab also tests items like bulletproof vests, electric blankets, commercial ice-cream machines, and chicken de-beakers, among thousands of other products.

But the Lab isn't an arm of the government. It is privately owned, financed, and operated. No one is compelled by force of law to use its services. It thrives — and makes our lives safer — by the power of its excellent reputation."

"The very existence of the Lab debunks the common civics-text view that, without government intervention, private businesses would seek profit without regard for safety; thus, bureaucrats have to police markets to impose a balance between private interests and the common good. The government, according to this view, is the only thing standing between us and unceasing fatal accidents.

The truth is the opposite. The market is well equipped to regulate itself, and does a fine job of it. It's the government that operates without oversight."

"The Lab was the first to set standards for certifying the safety of pilots and planes before the government intervened. It set the standards for building materials, fire-fighting equipment, air conditioners, and household chemicals. It employs safecrackers and pyrotechnicians to test safes, and a variety of unique machines and devices to test thousands of other products each year. It has been testing multicolored Christmas lights since 1905, and entered the building-code business right after the San Francisco earthquake of 1906."

"Its effectiveness in determining safety standards (even for brand-new products) and maintaining them over time has generated an interesting result. Many government regulations, especially at the state level, merely mimic the building codes and insurance requirements of the Lab."