I think market solutions work better, but my main point was not that they do, but that it is dishonest to argue that they have been tried and failed in the example given. They have not. It's a strawman to argue that market advocates wish to let the industries "regulate themselves."
In fact, considering the problem of captured regulatory agencies, it's more honest to argue that advocates of central planning argue for the industries to regulate themselves.
Reactive litigation based-regulatory schemes that try to unshit the bed are unworkable. Shouldn't we try to limit and minimize harm in the place?
That can be done without government bureaucracy. Private "seal of approval" groups have worked pretty well in a lot of areas. They are not perfect, but they would be subject to the market concerns of consumers and answerable for any fraud.
Here, the problem is as I mentioned, that the government crowds them out. There are definitely concerns on just throwing this open without the private regulatory markets in place to handle this.
And what's the likelihood that enough consumers will be able to actually litigate any claims after suffering injury?
I do not see that it is necessary that someone be harmed. Has anyone been harmed by this beef? The injury is an uneccessary endangerment.
Without all the money going to regulators and lobbying for more regulation, there could be more private groups aimed at protecting consumers via the courts.
And aren't you really just shifting the regulatory responsibility from one unelected entity (regulatory agency) to another (judges)?
A lot of judges are elected, aren't they? Or is that just for some courts?
Regardless, judges tend to be more visible than bureaurats. And they can't shift blame. A regulatory agency fucks up and all you ever hear is that they need more money/regulators. Maybe, in extreme cases there is a fall guy, but nothing ever really changes. A corrupt judge could well face jail time. And if we use the Mencken method of regulating the jobholders...