1From the Headlines…üFresh Food Concepts Recalls Guacamole Products…Possible Health Risk (Feb. 04)üEdy’sPeanut Butter Cup Ice Cream contains undeclared peanuts…(March 2004)üSara Lee pleads guilty in recall (July 2001)üListeria outbreak of 1998üBil-Mar Foods, Western MichiganFrom the Headlines…üStarLink Contamination of White Corn Chips Prompts Food Recall (July 2001)üExperts seek ways to protect nation’s food supply from bioterrorism(April 2003)üMad Cow Disease Hits U.S. (December 2003)üObesity on the rise in U.S. (2003)Let the market take care of it….üHayek argues that markets are extremely efficient ways of organizing economic activity because they effectively synthesize lots of highly dispersed information regarding consumers’ desires and producers costs and express that information in prices. üAre Hayek’s arguments valid for dealing with food safety issues like Mad Cow Disease? Why or why not? What alternatives do you suggest?
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