Why It's Time to Mothball the Monopolistic FDA

Why It's Time to Mothball the Monopolistic FDA
(AP Photo/Manuel Balce Ceneta, File)

Competition tends to bring about a better product or service, at a lower price, than does monopoly. This is a basic premise of virtually all economists, disputed by pretty much no one in the profession. Our entire anti-trust edifice 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.


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