The British Medical Journal has published two opposing opinions under the heading “Should we use regulation to demand improved public health outcomes from industry?” Dr. Pramming, who says “No,” rightly points out that business decisions are complex and can include things such as reputation. He explains that regulations are usually ineffective, and when they succeed in some immediate goal, they are still powerless in terms of changing consumer preferences. But the best part is when he writes:

Business, in turn, cannot thrive without … property rights.

He implies that a state may be needed to protect these rights and provide infrastructure – I hold no illusions that Dr. Pramming is a radical – but the connection of innovation with property rights desperately needs to be made. It is even better that there are numerous statist academics who will read this article.