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#76 2016-03-07 02:36:04

mmm....shiney!
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From: 昆士蘭
Registered: 2010-11-15
Posts: 15,951
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Re: Free market regulation

I'm an Acorn user so I'd thought I'd share this letter from George Lucas, the Managing Director of Acorns Australia (and possibly the father of Darth Vader), check out the second screen shot in particular:

753_screen_shot_2016-03-07_at_43101_pm.png

snip

753_crest.png

Source: http://blog.acornsau.com.au/post/140607 … m-turnbull


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#77 2016-04-27 04:49:34

mmm....shiney!
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Re: Free market regulation

The local IGA is classified as a small supermarket, it apparently has restrictions placed upon it as to how many employees are on a given shift at any time. I'm told they have a limit of 20, regardless of how busy it becomes.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#78 2016-06-19 08:21:39

mmm....shiney!
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From: 昆士蘭
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Re: Free market regulation

Follow up to Acorns, received an email today, highlights the fact that legislated regulation may not be able to keep pace with the changes in technology/needs of consumers in a modern market place. In other words, it's outdated:

As you may be aware, I wrote to the Prime Minister, Malcolm Turnbull, (4 March 2016) about the ePayments Code, and how the banks were playing fast and loose with the truth when telling consumers that their internet banking login details should not be disclosed to third parties, such as Acorns.

This is an important issue as most of our users provide their internet banking details.

It was Acorns' opinion that the banks were overstepping the mark and now correspondence I have received from ASIC would suggest the regulator, at the very least, has sympathy with our point of view.

Without going into all the details, this was positive news because of the following points ASIC made:

ASIC acknowledges that the messaging from banks about not sharing your login details with third parties is from the early 1980s, when ATMs were introduced, and is out of date in the new world of apps such as Acorns.

Edit to add: I'd hazard a guess that there are some members on this forum who weren't even a twinkle in their father's eyes in the early 80's.

Last edited by mmm....shiney! (2016-06-19 08:22:46)


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#79 2016-06-21 22:39:50

bordsilver
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From: The rocks
Registered: 2012-05-23
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Re: Free market regulation

Interesting website. The authors challenge anyone to identify, using experimental evidence, conditions under which their Iron Law of Regulation does not hold. In other words, to show that a regulation increases general welfare.

Studies proposed as providing evidence must:

- Use laboratory, field, natural, or quasi-experiments to compare effects of alternative policies, which includes doing nothing
- Describe the conditions to which the findings apply
- Develop an experiment to test existing or new regulations.

Iron Law of Regulation wrote:

There is no form of market failure, however egregious, which is not eventually made worse by the political interventions intended to fix it.


The only good tax is a repealed tax.

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#80 2016-06-21 22:41:13

bordsilver
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Re: Free market regulation

Here are the conditions a regulator must meet in order to increase general welfare (See discussion in Armstrong & Green (2013):

- Know stakeholders' endowments, relationships, and preferences. People are  unaware of how they make decisions in many areas of their lives—including as consumers—as was shown by Nisbett & Wilson (1977).
- Determine in detail how the situation could be changed to the benefit of those affected
- Design to produce the intended changes
- Design to avoid unintended changes (e.g. graft, reduced competition, and suppression of innovation). "Few men have virtue enough to withstand the highest bidder."—George Washington
- Resist pressures to modify the rules in ways that would reduce the net benefit
- Ensure that those affected by the rules know and understand them
- Establish rewards and punishments that ensure that the rules are followed
- Establish fair procedures for resolving disputes arising from enforcement of the rules
- Change rules when the situation changes (e.g., due to inventions or natural disasters)
- Keep the administrative costs of the rules below the value of the benefits.


The only good tax is a repealed tax.

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#81 2016-06-21 22:46:53

bordsilver
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Re: Free market regulation

One of the examples of the experimental standard that they expect is given by one of their own papers "Evidence on the Effects of Mandatory Disclaimers in Advertising, Journal of Public Policy & Marketing, 31 (2012), 293-304".

It is an interesting read. They undertook experiments that were apparently used in a Florida court case. They that showed that including mandatory Disclaimers for implant surgery had the opposite effect to that intended (ie people were more likely to be confused by the disclaimers and more likely to choose less qualified dentists (for implants) compared to adverts that didn't have the disclaimers.


The only good tax is a repealed tax.

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#82 2016-06-21 22:50:03

bordsilver
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Re: Free market regulation

Green & Armstrong wrote:

Sellers
It is in sellers' economic interests to treat customers well and, especially, to avoid misleading them. They are motivated to tell consumers about the limitations of their products in order to develop good long-term relationships with them, and to avoid the costs of dealing with disgruntled customers and with lawsuits. Unsurprisingly, then, sellers have long used disclaimers in advertising. Research on advertisements that tell the bad along with the good has found that they are persuasive when the negative features are important to consumers (Armstrong 2010, pp. 124-126).

Sellers are motivated to provide warnings with products that may be dangerous in surprising ways or extents, for example with a clear liquid that is poisonous, but not with a knife. Warnings are usually helpful. In a meta-analysis involving 12 experiments and 3 quasi-experiments involving 79 comparisons, Cox et al. (1997) found the warnings yielded an average gain in compliance of 15.7% compared to having no warning. However, in one-third of the comparisons, the presence of a warning had no effect, or reduced safe behavior.

Sellers are also motivated to provide benefits to potential customers, and to tell them about those benefits, if they are free to do so. Consider the following examples:
- Breakfast cereal companies increased fiber content and introduced advertising of the benefits of fiber when restrictions on advertising health benefits were lifted. Consumers increased their consumption of high-fiber cereals (Ippolito and Mathios 1991).
- Women reduced their consumption of saturated fats within the fats and oils category by 24% in the five years after advertising restrictions were lifted in 1985, a substantially more rapid change than occurred during the preceding eight years (Ippolito and Mathios 1995).
- Cigarette companies reduced tar and nicotine levels after the Federal Trade Commission's prohibition of comparative health claims in cigarette advertisements was lifted (Craswell 1991).
- Prior to mandatory nutrition labeling, sellers were motivated to tell consumers about features of their products that were considered to have health advantages. When a new mandatory labeling regime that restricted claims that sellers could make was instituted, the share of healthier cooking oils sold decreased (Mathios 1998).

Buyers
People are accustomed to dealing with biased information in all areas of life, including when making decisions as consumers. When they are not expert in a product category, consumers tend to seek out independent information, use trusted suppliers, or buy well-known brands. If customers discover they have been misled after they have purchased a product, they are likely to avoid purchasing the product in the future, demand a refund, tell others not to buy it, post comments on the Internet, or sue.

Consumers are also aware from experience and from knowledge of human nature that government officials are fallible, sometimes biased, and sometimes duplicitous in the information they provide. In addition, people often attribute higher benefits to products they are told they cannot have. As a consequence, consumers may fail to respond to government-mandated messages in the ways that the regulators intend them to.


The only good tax is a repealed tax.

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#83 2017-01-13 23:36:27

mmm....shiney!
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Re: Free market regulation

PROOF are an industry accreditation organisation promoting the commercial production of livestock in free-range open pastures. They have a strict code of ethics and guidelines that are intended to complement State and Territory legislation.

753_screen_shot_2017-01-14_at_12203_pm.png

http://www.proof.net.au/

The following link is to suppliers that are licensed PROOF farmers for anyone interested in sourcing their food based upon ethical considerations: http://www.proof.net.au/Where-to-Buy-free-range

Last edited by mmm....shiney! (2017-01-14 17:18:57)


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#84 2017-01-14 19:52:51

bordsilver
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From: The rocks
Registered: 2012-05-23
Posts: 9,596
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Re: Free market regulation

mmm....shiney! wrote:

PROOF are an industry accreditation organisation promoting the commercial production of livestock in free-range open pastures. They have a strict code of ethics and guidelines that are intended to complement State and Territory legislation.

:

http://www.proof.net.au/

The following link is to suppliers that are licensed PROOF farmers for anyone interested in sourcing their food based upon ethical considerations: http://www.proof.net.au/Where-to-Buy-free-range

From their website:

What Does Pastured Mean?   'All animals are born and raised outdoors with continuous and unconfined access to pasture throughout their life time. They are kept at a stocking intensity that will ensure forage is always available in a sustainably managed rotational grazing system.*'

I wonder if they think that humans should be pastured in the same way? tongue


The only good tax is a repealed tax.

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#85 2017-01-15 17:50:33

betterinvestmentthanshare
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From: South Australia
Registered: 2014-04-26
Posts: 192
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Re: Free market regulation

mmm....shiney! wrote:

The local IGA is classified as a small supermarket, it apparently has restrictions placed upon it as to how many employees are on a given shift at any time. I'm told they have a limit of 20, regardless of how busy it becomes.

IGA/Foodland is governed by Metcash the same goes for the liquor chain store Cellarbrations.
http://www.metcash.com/

Last edited by betterinvestmentthanshare (2017-01-15 17:53:24)


"WARNING!' Beware of making bets with forum member "Roswell Crash Survivor" he does not honour publicly stated & agreed to bets when it loses!

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#86 2017-01-15 18:07:15

mmm....shiney!
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From: 昆士蘭
Registered: 2010-11-15
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Re: Free market regulation

betterinvestmentthanshare wrote:
mmm....shiney! wrote:

The local IGA is classified as a small supermarket, it apparently has restrictions placed upon it as to how many employees are on a given shift at any time. I'm told they have a limit of 20, regardless of how busy it becomes.

IGA/Foodland is governed by Metcash the same goes for the liquor chain store Cellarbrations.
http://www.metcash.com/

Are you saying that the restrictions are corporate policy?

From what i've read it appears that the restrictions are legislative.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#87 2017-01-22 17:10:40

mmm....shiney!
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Re: Free market regulation

753_screen_shot_2017-01-23_at_64340_am.png

ENDOGENOUS GROWTH THEORY AND THE MODEL

Endogenous growth theory builds on the idea that economic growth is primarily dependent on decisions made by actors in the economy—firms and individuals—rather than on external factors.

    Economic growth is dependent on investment. Economic growth in a particular industry is determined by investment in knowledge creation, such as research and development, and the way that such investment leads to innovation and increases in productivity. This means that regulatory interventions that affect investment choices have a greater effect on the economy than the simple sum of static costs associated with regulatory compliance.
    Regulations have cumulative effects. A key insight of endogenous growth models in general is that the effect of government intervention on economic growth is not simply the sum of static costs associated with individual interventions—there are dynamic implications. The accumulation of regulation over time leads to greater and greater distortion of investment choices. Moreover, the investment choices of previous years affect growth in future years because knowledge that is not created cannot be implemented next year and the years after to be more productive.

The study develops a multisector endogenous growth model that permits a counterfactual experiment: What would have happened if federal regulation had been "frozen" at the levels observed in 1980? The model accommodates industry-specific variation in how regulation affects investment and growth, while specifying the determinants and relationships needed to estimate the long-run cost of the regulation for the economy overall.

CONCLUSIONS

While static analysis of individual regulations sometimes predicts beneficial effects for society, policymakers should consider the results of this study not only when creating new regulations, but also when considering reform of the regulatory process itself. By altering investment decisions and disrupting the innovation that comes from investment in knowledge creation, regulations have a cumulative and detrimental effect on economic growth—and, over time, have a real impact on American families and workers.

https://www.mercatus.org/publication/cu … egulations


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#88 2017-01-30 17:41:59

mmm....shiney!
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Re: Free market regulation

Trump is busy trying to reduce the regulatory burden that individuals and businesses suffer. Would be nice to see our pollies do the same.

Trump signs executive order to block new government regulations

President Donald Trump has signed a new executive order mandating that for each new government regulation being enacted, two need to be revoked.

The order is in line with the new president's plan to slash regulations by as much as 75 percent, as Trump believes the expanding body of government rules is stifling the US economy.

"We're cutting regulations massively for small business – and for large business," Trump said, signing the document. "This will be the biggest such act that our country has ever seen."

https://www.rt.com/usa/375642-trump-exe … egulation/


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#89 2017-01-30 18:56:31

renovator
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From: QLD
Registered: 2011-01-20
Posts: 7,530
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Re: Free market regulation

mmm....shiney! wrote:

Trump is busy trying to reduce the regulatory burden that individuals and businesses suffer. Would be nice to see our pollies do the same.

Trump signs executive order to block new government regulations

President Donald Trump has signed a new executive order mandating that for each new government regulation being enacted, two need to be revoked.

The order is in line with the new president's plan to slash regulations by as much as 75 percent, as Trump believes the expanding body of government rules is stifling the US economy.

"We're cutting regulations massively for small business – and for large business," Trump said, signing the document. "This will be the biggest such act that our country has ever seen."

https://www.rt.com/usa/375642-trump-exe … egulation/

yep he might not be liked but he has plenty of commonsense. This is what happens when a real businessman has the job.
He has a kiss mindset which is great in a lot of things , not so good in others


i used to be disgusted now im just amused

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#90 2017-01-31 02:58:53

bordsilver
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Re: Free market regulation

But doesn't government regulation and taxes build businesses and create prosperity? Surely we just need another 100,000 pages of new regulations, double all personal and company income taxes and increase GST to a sensible 40% and we'll have all of the free stuff we want and we'll all be happy as pigs in muck.


The only good tax is a repealed tax.

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#91 2017-02-15 07:11:50

mmm....shiney!
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Re: Free market regulation

Attempts at raising the standards for poultry farming in Australia have hit a stumbling block, with 3 scientists stating their research has been quoted out of context and the RSPCA threatening to quit the whole standards accreditation scheme.

The integrity of the process for developing Australia's new poultry standards is in question, with scientists raising concerns about inaccuracies and the RSPCA threatening to quit in protest.

Three animal welfare scientists sent a scathing letter, seen by Fairfax Media, to the group writing the legal requirements for poultry welfare, saying their research had been distorted in supporting papers to appear in favour of conventional caged egg production.

The integrity of the process for developing Australia's new poultry standards is in question, with scientists raising concerns about inaccuracies and the RSPCA threatening to quit in protest.

Three animal welfare scientists sent a scathing letter, seen by Fairfax Media, to the group writing the legal requirements for poultry welfare, saying their research had been distorted in supporting papers to appear in favour of conventional caged egg production.

"The content is in general selective, and thus unbalanced, outdated on some points, and at times incorrectly referenced [and] this can mislead the debate," wrote Dr Jean-Loup Rault, Professor Tina Widowski and Professor Paul Hemsworth.

"Documents only include the sections and statements that outline the benefits of conventional cages, and omit sections that outline negative aspects ... and fail to acknowledge that there are, in fact, viable alternatives."

So the incorruptibility of the process for establishing new standards for poultry has been questioned? With the RSPCA et al claiming the draft standards put industry interests ahead of the welfare of poultry.

That's what happens with mandated legislative practices, they are a political solution to social and resource utilisation issues and as such, do not necessarily reflect the values of all stakeholders in the industry. As so often happens they end up favouring one group at the expense of others and are ineffective.

But even more damning and indicative of the failure of State mandated standards:

"Few consumers would be aware of the desperately over-crowded conditions chickens are raised in or the lameness, illness and premature deaths caused by their extreme growth rate," she continued.

"That there is nothing in these standards to address this animal welfare disaster is appalling."

http://www.smh.com.au/business/consumer … ubgx0.html

In other words, even with legislation in place, consumers remain ignorant of the real standards, the reason they have been adopted and the limitations of these regulations. This is because that under mandated minimum standards there is little motive for producers to market their product and educate consumers in order to stand out from the flock - in other words, there's little money it for them. Everyone has to abide by a state enforced code so why bother advertising it? Furthermore consumer ignorance remains generally unchallenged as they don't know any better, and the only dissenting information they hear is from the RSPCA etc, which has its own motive, and providing consumers with cheap, quality eggs produced in a humane manner is not necessarily at the top of their agenda.

Contrast that with a voluntary accreditation and certification scheme where producers are incentivised to both market their product in order to establish themselves as distinct from any opposition, and more importantly, they also have to educate consumers in order to get their message across and in the process create consumer driven pressure to raise standards.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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#92 2017-02-23 18:15:07

mmm....shiney!
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From: 昆士蘭
Registered: 2010-11-15
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Re: Free market regulation

Market demand from consumers driving reform. There has been a massive a shift in the ethical choices of consumers and it's being reflected in management strategies being employed by many farmers, voluntarily.


The woolgrower's target shall be the good thriving of his flock and its pastures, and so of himself and those whose livelihoods depend on his enterprise.
"The Woolgrower's Companion", 1906.

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