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The very existence of the [Underwriters] Lab debunks the common civics-text view that, without government intervention, private businesses would seek profit without regard for safety; thus, bureaucrats have to police markets to impose a balance between private interests and the common good. The government, according to this view, is the only thing standing between us and unceasing fatal accidents. The truth is the opposite. The market is well equipped to regulate itself, and does a fine job of it. It's the government that operates without oversight. To discover the quality and value of products, no one would trust the advice of the scandal-ridden Commerce Department or the Federal Trade Commission.
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