1. Market limitations & product safety 8 Monopolistic tendencies (& WTMM –waste; concentration of power, wealth) Ability to pay (initial endowment; defective consumer; how $ obtained?) Information (about the things being exchanged, purchased) Preference vs well-being (also, creation of desire) Ignores Distributive justice (associates with envy) Alienation (for producer, value of product become price)

2. Product safety & Plato’s “Human Goods” 8 There are identifiable permanent human goods: health, justice, friendship, knowledge, wealth. Governments should devise ways of maximising these in the society. Plato argued for benevolent but authoritarian govt. (quite similar to Confucious), so not liked by neo-liberal advocates of “less govt.” Free market emphasizes preferences (or “tastes”, not goodness. These are not the same see later)

3. Kelman (p542) cost-benefit analysis 8 CBA is often required by legislation (e.g. in Pinto Case) CBA is based on utilitarianism “seems scientific”, but: A decision can be morally right (e.g. by golden rule) even if the estimated benefits are less than the costs Great uncertainty in estimates Difficuty and expense of getting the data (e.g. deprivation value vs value of gain). Ignores minority positions (slavery argument) Kelman suggests that laws/regulations should not require CBA. There are reasons not to “dollarise” all human values; USA is a “dollarising” society (e.g. in USA an author’s “moral rights” can be sold; but not in Europe, where IPR law was invented)