84. Requiring businesses to provide complete product information to customers promotes various consumer interests, but at the same time imposes burdens on businesses, government, and taxpayers. On balance, the burdens outweigh the benefits, at least in most cases. A threshold problem with disclosure requirements is that of determining what constitutes complete information. Admittedly, legislating disclosure requirements clarifies the duties of business and the rights of consumers. Yet determining what requirements are fair in all cases is problematic. Should it suffice to list ingredients, instructions, and intended uses, or should customers also be informed of precise specifications, potential risks, and results of tests measuring a products effectiveness vis-a-vis competing products? A closely related problem is that determining and enforcing disclosure standards necessarily involves government regulation, thereby adding to the ultimate cost to the consumer by way of higher taxes. Finally, failure to comply may result in regulatory fines, a cost that may either have a chilling effect on product innovation or be passed on to the customers in the form of higher prices. Either |