Dat inequality

[CoccoBill]

Government imposed safety regulations are unlikely to solve any problems since they don't reflect an ever-changing environment.

Why is that, what is stopping them from changing? Your argument is more against bad/rigid governance and policies than governance and policies themselves. Personally I'm not for bad governance or shitty regulations, only for the ones that are necessary, actionable, fair and efficient. Obviously achieving those isn't trivial, but I'm not convinced it's impossible.

Answer this question: why do food/car companies recall faulty products: to appease the government or save their own bacon with consumers?

Both. A faulty/dangerous product gets recalled fast after the fault is discovered by the public, before that there is zero incentive to do that. There are numerous examples where companies deny any faults in their products when their existence is painfully obvious to everyone else. Answer this question: Why would a company's executive recall a product with a major flaw, causing major financial losses and damage to the company's public image, when the flaw would without rigorous testing only manifest itself after several years if at all, after the executive has already left the company?

Even if we believe that markets don't solve safety problems perfectly (a reasonable belief), does that necessarily mean that government does any better? I think the answer is an emphatic no. Look at it this way: which organization's accountants perform better cost-benefit analyses: a company selling product in the industry or a government bureaucracy that oversees only what it legislatively is required to?

Those are people working both for the public and private sectors, there's nothing inherently different in their analytic capabilities. Their incentives and goals, however, differ. The accountant at the private company is (perhaps directly) incentivised to maximize their company's profits, say by finding/creating loopholes in their own policies, whereas the goal for the public sector accountant (albeit indirectly through their motivation to adhere to their instructions) is to ensure product safety, ethical practices, legality etc. I don't doubt that the markets will adjust, in time. I just wonder how long people will have to breath leaded air and eat leaded toys waiting for that to happen.