Economics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson

Exercise 1

"Public policy is necessary to protect the average citizen from the power of vested interest groups. In the absence of government intervention, regulated industries such as airlines, railroads, and trucking will charge excessive prices; products will be unsafe; and the rich will oppress the poor. Government curbs the power of special-interest groups." Evaluate this statement.