Thomas Sowell understood that consumers are often protected most effectively when businesses must compete for their money.

Comment “Sowell” and we’ll send you an article that explores his ideas further. Competition gives consumers something regulation often cannot: alternatives. A firm that charges too much, provides poor service, or ignores customers creates an opportunity for rivals to win their business. Profits reward companies that satisfy people efficiently, while losses punish those that waste resources or fail to adapt. Government regulators face different incentives. They can make mistakes without losing customers, and regulations intended to protect consumers can sometimes raise barriers to entry and shield established firms from competition. Consumer protection therefore depends greatly on preserving choice. When entrepreneurs remain free to enter markets and challenge incumbents, businesses must continually earn the loyalty of the people they serve.