Testing procedures required by the US Food and Drug Administration raise the cost and price of drugs. Should we eliminate such requirements in order to ease inflationary pressures? How about the regulation of hot dog content?© BrainMass Inc. brainmass.com September 23, 2018, 4:49 pm ad1c9bdddf - https://brainmass.com/economics/macroeconomics/inflationary-pressures-417803
Inflation of food and drug prices is a large concern, but so is the health and safety of the individuals buying those goods. Any regulation that the government chooses to implement comes at a price to manufacturers, which also means a higher price for consumers. However, in the case of food and drugs, the high cost of regulation is probably not a bad thing. The argument is due to an information asymmetry between ...
This solution addresses the regulation of hot dog content.