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Consumer Economic Issues in America

by: GARMAN

Consumer Economic Issues in America

by: GARMAN

ISBN 13:
9780873938938
ISBN 10:
0873938933
Format: Paperback
Copyright: 12/22/1999
Publisher: Dame Publishing
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Preface

xvii

Foreword

xxxiii

Virginia H. Knauer

About the Author

xxxv

Part One: Some Perspectives

What Is the Consumer Interest?

(26)

Economic Activities Performed by Consumers

(3)

Earning

(1)

Consuming

(1)

Utilizing

(1)

Borrowing

(1)

Saving

(1)

Investing

(1)

Taxpaying

(1)

Sovereignty in the Marketplace

(1)

Consumer Problems in a World of Imperfectly Competitive Markets Where the Interests of Sellers and Consumers Conflict

(2)

What Are ``Consumer Problems''?

(1)

Consumers Shop in Imperfectly Competitive Markets and Seek a Fairer Marketplace

(1)

The Seller-Consumer Conflict Will Always Exist

(1)

The Consumer Interest Viewed in a Price-Quality Model: A Useful but Incomplete Perspective

(1)

Everyone in the Market Wants a Good Deal

(1)

What Really Is the Consumer Interest?---Value for Money and Equity

(3)

Consumer Interest#1: Seeking Value for Money (While Constantly Making Tradeoffs)

(1)

Consumer Interest #2: Seeking Equity for All Consumers

(1)

Consumers Achieve Their Interests by Securing, Protecting and Asserting Their Eight Important Consumer Rights

(1)

The Consumer Interest As a Special-Interest Group

(3)

Seeking Equity Sometimes Requires a Paternalistic Attitude

(3)

The Public Interest Differs from Both the Consumer Interest and the Business Interest

(2)

The Public Interest

(1)

One's Consumer and Public Roles Differ

(1)

Business and the Consumer Interest

(1)

Government's Challenging Public Interest Responsibilities

(2)

The Government's Political Biases

(1)

Government Makes Public Policy Decisions

(1)

Government Resolves Public Interest Disputes

(1)

Government Often Promotes the Consumer Interest

(1)

Conflicts between the Public and Consumer Interests Are Usually Caused by Potential Price Increases and/or Threatened Reductions of Consumer Rights

(1)

Consumers Must Look Out for Their Consumer Interests

(4)

Businesses and Governments Sometimes Help Consumers

(1)

How Consumers Pursue Their Interests

(2)

The Challenge of Being an Effective Consumer

(1)

Review and Summary of Key Terms and Concepts

(1)

Useful Resources for Consumers

(1)

``What Do You Think'' Questions

(1)

The Consumer Movement

(24)

The Early Periods of the Consumer Movement

(3)

Awakening to Consumer Problems: Before 1890

(1)

Early Consumer Movement: The 1890s through the 1920s

(1)

Renewed Consumer Interest: 1929 through the 1950s

(1)

Consumerism: The 1960s and Early 1970s

(3)

Responses to Consumerism

(4)

Business Response

(2)

Government Response

(2)

What Makes Consumer Movements Successful?

(5)

Rising Expectations of Consumers

(1)

Scandals and Dramatic Crises

(1)

Charismatic People

(1)

Active Government Organizations

(1)

Active Private Organizations

(1)

Poor Economic Conditions

(1)

Today's Consumer Movement is Strong

(2)

Consumers and Consumer Organizations in the Future

(2)

Consumer Organizations in the Future

(1)

Consumers Themselves

(1)

Review and Summary of Key Terms and Concepts

(1)

Useful Resources for Consumers

(1)

``What Do You Think'' Questions

(2)

Part Two: Facing Consumer Problems Successfully

Consumer Rights, Responsibilities and Remedies

(28)

Legal Rights of Consumers

(4)

Implied Warranty Rights Are Powerful Legal Rights

(2)

Express Warranty Rights are Enforceable

(1)

Lots of Other Legal Rights Also Exist

(1)

Moral Rights of Consumers Are Legitimate Expectations

(2)

General Moral Rights

(1)

President Kennedy's Consumer Bill of Rights

(1)

A List of Consumer Rights for All Americans

(1)

Responsibilities of Consumers

(3)

Regarding the right to choose, consumers have the responsibility to

(1)

Regarding the right to safety, consumers have the responsibility to

(1)

Regarding the right to information, consumers have the responsibility to

(1)

Regarding the right to voice (or to be heard), consumers have the responsibility to

(1)

Regarding the right to redress or remedy, consumers have the responsibility to

(1)

Regarding the right to environmental health, consumers have the responsibility to

(1)

Regarding the right to service, consumers have the responsibility to

(1)

Regarding the right to consumer education, consumers have the responsibility to

(1)

Why People Don't Complain

(1)

Remedies to Resolve Consumer Problems

(1)

Effective Complaining Should Follow a Sequence

(6)

1. The Local Business

(1)

2. The Manufacturer

(1)

3. Self-Regulatory Organizations

(2)

4. Consumer Action Agencies

(1)

5. Small Claims and Civil Courts

(1)

Use Small Claims Lawsuits to Sue When Necessary

(1)

Damages to Ask for When Suing

(1)

How Consumers Can Break a Contract

(1)

Techniques of Last Resort: How to Fight Back---And Win!---Against Ripoffs and Frauds

(1)

Review and Summary of Key Terms and Concepts

(2)

Useful Resources for Consumers

(1)

``What Do You Think'' Questions

(1)

Appendix 3-1: Writing a Letter of Complaint

(3)

Ripoffs and Frauds in the Marketplace

(46)

How Ripoffs and Frauds Work against Consumers

(1)

Why Ripoffs and Frauds Exist in the Marketplace

(1)

What Do Ripoffs and Frauds Have in Common?

(1)

General Guidelines to Avoid Ripoffs and Frauds

(3)

Be Cautious in Marketplace Dealings

(1)

Ask Lots of Questions

(1)

Things Never to Do

(1)

Be Informed Before Going Shopping

(1)

Know Your Rights

(1)

Be Alert to Signs of Being Ripped Off

(1)

When in Doubt

(1)

Ripoffs---and There Are Many---Are Not Illegal

(11)

Negative Option Buying Plans---Ripoffs?

(1)

Rental Cars---A Scumball Industry that Rips Off Consumers

(2)

Credit-and Debit-Card Registration Services---Ripoffs?

(1)

Health Products---Ripoffs?

(1)

Weight-Loss Plans---Ripoffs?

(2)

Telephone Company Ripoffs

(1)

Mail Order Insurance (Health, Cancer, and Life)---Ripoffs?

(4)

Deceptions and Misrepresentations are Difficult to Prove

(2)

Untrue, Deceptive, and Misleading Advertising Also Exists

(1)

Bait and Switch Advertising Is Illegal

(1)

Puffery Is Not Illegal

(1)

Economic Frauds of Large Corporations

100

(1)

Telemarketing and Mail Scams

101

(8)

Mail Fraud

101

(1)

Telemarketing to Get Your Money

102

(1)

Sweepstakes

103

(1)

Prizes and Free Gifts

104

(1)

Contests

105

(1)

Many Charities Are Not What They Claim to Be

106

(3)

Buying Ripoffs and Scams

109

(3)

Buying Clubs

109

(1)

Rent-to-Own

109

(1)

Coupon Books

110

(1)

Vacation Certificates

110

(1)

Scholarship Aid

111

(1)

Vehicle Sales and Repairs

112

(2)

Fictitious List Prices

112

(1)

High-Balling the Value of the Trade-in Allowance

112

(1)

Low-Balling the Price of a New Vehicle

113

(1)

Automobile Repair Scams

114

(1)

Investment Swindles

114

(8)

The Investment Swindler's Game

114

(1)

Tips on How to Avoid Financial Swindles

115

(2)

Ponzi Schemes Are Illegal

117

(1)

Pyramid Schemes Are Illegal

117

(3)

Multi-Level Network Marketing Investments Are Legitimate

120

(1)

Financial Planning Seminars

121

(1)

Student Traveling Sales Jobs

122

(1)

Review and Summary of Key Terms and Concepts

122

(2)

Useful Resources for Consumers

124

(1)

``What Do You Think'' Questions

124

(1)

Laws That Help Consumers

125

(42)

Laws on Sales Transactions

126

(11)

Telemarketing Solicitations Regulations of the FCC and FTC

126

(3)

Charitable Solicitations Law

129

(1)

``900-Number'' FCC Regulations

129

(1)

``Slamming'' Regulations of th FCC

129

(1)

Unordered Merchandise Regulations of the Postal Service

130

(1)

Negative Option Mail-Order Rule of the FTC

131

(1)

FTC's Mail and Telephone Order Merchandise Regulations

131

(1)

COD (Cash on Delivery) Rule of the Postal Service

132

(1)

FTC's Door-to-Door Sales Cooling-Off-Period Regulations

132

(1)

Door-to-Door Sales Cooling-Off-Period Laws in States

133

(1)

Cooling-Off Laws for Health Spas, Timeshares, Campground Contracts, Mortgage Refinancing, Credit Repair Firms, Etc.

134

(1)

Consumer Leasing of Automobiles

134

(1)

Airline Travel Rights

134

(2)

Pet Lemon Laws

136

(1)

Weight-Loss Center Laws

137

(1)

Rent-to-Own Laws

137

(1)

Deliveries and Installations Laws

137

(1)

Laws on Vehicles

137

(4)

Odometer Fraud Law

138

(1)

Motor Vehicle ``Buyer's Orders'' Laws

138

(1)

Lemon Laws for New Vehicles

138

(1)

Used Vehicle Lemon Laws

139

(1)

Used Vehicle Lemon Branding Laws

139

(1)

Vehicle Repair Laws

139

(1)

Secret Warranty Disclosure Laws for Vehicles

140

(1)

Federal Trade Commission Used Car Rule

140

(1)

Laws on Warranties

141

(3)

Magnuson-Moss Warranty Act

141

(1)

Standards for Companies that Offer Warranties

142

(1)

Disclaiming Implied Warranties Is Prohibited Except When Something Is Sold ``As Is''

142

(1)

Full and Limited Warranties May Be Offered

142

(2)

Informal Dispute Procedures Are Encouraged

144

(1)

Laws on Housing

144

(3)

Renter's Security Deposits

144

(1)

Late Possession of the Rental Property

145

(1)

Habitability of Rental Unit

145

(1)

Community Reinvestment Act

145

(1)

Fair Housing Act

146

(1)

Home Mortgage Disclosure Act

146

(1)

State Housing Discrimination Laws

146

(1)

Laws on Credit

147

(12)

Limited Liability on Credit Cards

147

(1)

Electronic Funds Transfer Act

147

(2)

Automatic-Billing Disputes

149

(1)

Fair Credit Reporting Act

149

(3)

Fair Credit Billing Act

152

(3)

Equal Credit Opportunity Act

155

(1)

Fair Debt Collection Practices Act

155

(1)

Fair Credit and Charge Card Disclosure Act

156

(1)

Home Equity Loan Consumer Protection Act

157

(1)

Home Ownership and Equity Protection Act

157

(1)

High Cost Mortgage Act

158

(1)

Review and Summary of Key Terms and Concepts

159

(1)

Useful Resources for Consumers

160

(1)

``What Do You Think'' Questions

160

(1)

Appendix Issue 5-A: Sample Letters Challenging Credit Card Charges

161

(6)

Part Three: The Challenging Marketplace

The Capitalistic American Marketplace

167

(28)

How an Economic System Functions

168

(4)

Socialism As an Economic System

169

(1)

Capitalism As an Economic System

170

(2)

Mixed Economic Systems Predominate Today

172

(1)

Allocating Resources in the U.S. Economy

172

(6)

Types of Resources

172

(1)

Resource Availability

173

(1)

How Resources Are Allocated

173

(1)

The Price Mechanism at Work

174

(2)

The Circular Flow of Economic Activity

176

(1)

The Multiplier Effect

176

(2)

How the U.S. Government Tries to Manage the Economy

178

(3)

Fiscal Policies: Taxing and Spending

178

(1)

Monetary Policies: Managing Money and Credit

179

(2)

Assumptions Underlying American Society: Scarcity, Democracy, and Capitalism

181

(2)

Scarcity

182

(1)

Democracy

182

(1)

Capitalism

182

(1)

Broad Social and Economic Goals of American Society

183

(9)

Economic Freedom

183

(1)

Economic Efficiency

184

(1)

To Promote Public Well-being and Safety

185

(1)

Full Employment

185

(1)

Price Stability

186

(2)

Economic Growth

188

(1)

Economic Productivity

189

(2)

Economic Security

191

(1)

Economic Justice

192

(1)

Review and Summary of Key Terms and Concepts

192

(2)

Useful Resources for Consumers

194

(1)

``What Do You Think'' Questions

194

(1)

Economic Concepts Critical to Consumer Success

195

(22)

Demand in a Market Economy

196

(5)

How Demand Affects Prices

196

(1)

The Demand Curve Slopes Downward and to the Right

197

(2)

Demand is Characterized by Its Elasticity

199

(2)

Supply Affects Prices

201

(2)

The Supply Curve Slopes Upward to the Left

201

(1)

Several Non-Price Determinants of Supply Exist

202

(1)

Market Equilibrium Is the Ideal Where Price Meets Supply

203

(2)

When Supply and Demand Does Not Work

205

(1)

Farm Prices Often Are Not Set by Supply and Demand

205

(1)

Price Ceilings Are Occasionally Imposed by Government

205

(1)

Price Fixing Eliminates the Competitive Forces of Supply and Demand

206

(1)

Income and Substitution Effects

206

(7)

Opportunity Cost

206

(1)

Marginal Cost

206

(4)

Diminishing Marginal Utility

210

(3)

Review and Summary of Key Terms and Concepts

213

(1)

Useful Resources for Consumers

213

(1)

``What Do You Think'' Questions

213

(2)

Appendix Issue 7-A: The Life Cycle and Permanent Income Hypotheses

215

(2)

Consumers in the Global Marketplace

217

(27)

World Economic Problems

218

(5)

Economic Problem: Excessive Population Growth

219

(1)

Economic Problem: Damaging Pollution

220

(1)

Economic Problem: Crime, Corruption and Anarchy

220

(1)

Economic Problem: Persistent Poverty

221

(1)

Economic Problem: Excessive Military Spending

222

(1)

Economic Problem: Growing External Debt

223

(1)

What Economic Concepts Are Important to Understanding Global Trade?

223

(3)

Pareto Efficiency: Economic Trade Is a ``Win-Win'' Situation

224

(1)

Economies of Scale

224

(1)

Absolute Advantage

224

(1)

Comparative Advantage

224

(2)

Challenges Facing the United States in World Trade

226

(2)

Getting Americans to Invest More

226

(2)

Which Way Should a Nation Go: Free Trade or Industrial Policy?

228

(4)

Benefits of Free Trade

228

(1)

Barriers to Free Trade

228

(4)

Industrial Policy-A New Paradigm for the U.S.

232

(1)

Regional Trade Agreements and the World Trade Organization

232

(3)

North American Free Trade Agreement

234

(1)

European Union

234

(1)

The World Trade Organization

235

(1)

The International Consumer Movement

235

(7)

Consumers International

236

(3)

International Codes for Proper Corporate Behavior

239

(1)

United Nations Guidelines on Consumer Protection

239

(2)

The Future of the International Consumer Movement

241

(1)

Review and Summary of Key Terms and Concepts

242

(1)

Useful Resources for Consumers

243

(1)

``What Do You Think'' Questions

244

(1)

Government Regulation of Economic Interests

244

(31)

The Economic Role of Business in Society

246

(2)

Why Businesses Operate As They Do

246

(1)

Social Responsibilities of Business

247

(1)

Self-Regulation Is Essential to Good Business Practices

248

(3)

Purposes of Self-Regulation

248

(1)

Examples of Self-Regulation

249

(2)

Why Governments Regulate

251

(8)

Governments Attempt to Create External Benefits

252

(2)

Governments Encourage or Discourage Certain Behaviors

254

(1)

When Is it Desirable for Government to Control the Market?

255

(4)

The Historical Culture of Government Regulation in the U.S.

259

(1)

Separation of Powers

259

(1)

A Nation of Laws

259

(1)

How Government Promotes Fair Competition

260

(3)

The Effects of Little or No Competition are Economic Fraud

260

(1)

Government Sometimes Prohibits Competition

261

(2)

Government Gets Businesses to Sign Consent Agreements

263

(1)

Government Laws That Promote Fair Competition

263

(8)

Sherman Antitrust Act

264

(2)

Clayton Act

266

(2)

Federal Trade Commission Act

268

(2)

Robinson-Patman Act

270

(1)

Cellar-Kefauver Act

270

(1)

Four Primary Antitrust Tools That Government Uses to Promote Competition

271

(1)

Review and Summary of Key Terms and Concepts

272

(2)

Useful Resources for Consumers

274

(1)

``What Do You Think'' Questions

274

(1)

Government Regulation of Consumer Interests

275

(20)

The Role of Special-Interest Groups in Government Regulation

276

(3)

Lobbyists Are Important to Effective Government

276

(2)

Consumers Also Have Lobbying Organizations

278

(1)

``Neg-Reg'': A New Form of Regulation

278

(1)

How Government Regulates to Benefit Consumers

279

(8)

Administrative Agencies: The ``Fourth'' Branch of Government

279

(1)

Executive (Dependent) and Independent Agencies

280

(1)

Powers of Regulatory Agencies

281

(2)

Some Regulatory Agencies Have the Powers of All Three Branches of Government

283

(1)

How States and Local Governments Protect Consumers

284

(3)

The Powers of the Federal Trade Commission

287

(2)

Quasi-Judicial Powers

287

(1)

Quasi-Legislative Powers

288

(1)

Benefits and Costs of Government Regulation

289

(2)

Benefit-Cost Analysis is a Tool

289

(1)

Regulating with Specification and Performance Standards

290

(1)

Sources of Regulatory Inadequacy

291

(1)

Review and Summary of Key Terms and Concepts

292

(1)

Useful Resources for Consumers

293

(1)

``What Do You Think'' Questions

293

(2)

Part Four: Information Processing

Policymaking and Consumer Issues

295

(26)

Policymaking in the United States

296

(3)

Power Clusters

296

(1)

Attentive Public and Latent Public

297

(1)

How Public Policy is Shaped

298

(1)

Power Cluster Behaviors

298

(1)

Economic Ideology and Political Beliefs

299

(10)

The Neoclassical Belief System

300

(2)

The Managerial Belief System

302

(1)

The Reformist Belief System

302

(1)

Political Belief Systems

303

(6)

Support for Consumer Protection Proposals

309

(1)

Analyzing and Resolving Consumer Issues

310

(5)

Constructive Thinking

310

(1)

Purposeful Analytical Thinking

310

(1)

Preparing Alternative Solutions

311

(1)

Government Action in Creating Solutions

312

(1)

Lobbying the Government Decision Making Process

313

(2)

Resolution of Consumer Issues Through Cooperation

315

(1)

Issues That Would Strengthen the Balance of Power Between Consumers and Sellers

315

(3)

1. Fully Fund Regulatory Agencies

315

(1)

2. Encourage Public Participation in Regulatory Proceedings

316

(1)

3. Create Financial Consumer Associations

316

(1)

4. Encourage Corrective Advertising

316

(1)

5. Broaden the Use of Mediation and Arbitration

317

(1)

Review and Summary of Key Terms and Concepts

318

(1)

Useful Resource for Consumers

319

(1)

``What Do You Think'' Questions

319

(1)

Appendix Issue 11-A: Proposed Consumer Protection Legislation and Regulation

320

(1)

Decision Making

321

(34)

Reasons Why Decision Making is Getting More Difficult

322

(7)

Consumer Search for Value Gets Frustrated

322

(1)

Numbers and Complexity of Products

323

(1)

To Cope With the Challenging Marketplace, Many Consumers Blindly Follow Rules of Thumb

324

(1)

Consumer Make Many Irrational Marketplace Decisions

324

(1)

Consumers Value Style Over Substance

324

(1)

Consumers (Irrationally) Often Ignore the Discount Rate

325

(1)

Information Processing Has Very High Potential Payoffs

325

(1)

Price Discrimination Exists and is Taken Advantage of by Informed Consumers

326

(1)

Time is Limited for Decision Making

326

(1)

Searching and Comparison Shopping

327

(1)

Some Shop for ``Good Buys'' Instead of ``Best Buys''

328

(1)

Lifestyles and Values Affect Decision Making, Including Those That Are Politically Correct

328

(1)

The Geistfeld Model of Consumer Choice

329

(8)

Indifference Curves

329

(3)

Budget Constraint

332

(1)

Optimal Purchases: Maximizing Satisfaction

333

(1)

Inadequate Information and Purchase Decisions

334

(1)

Consumers Need Two Types of Information

335

(2)

How to Be a Pro-environmental Consumer

337

(6)

Consumers Sometimes are ``Free Riders'' When It Comes to Pollution

339

(2)

A Decision Making Matrix for Pro-Environmental Consumers

341

(2)

Advertising and Consumers

343

(9)

Types of Truth and Exaggeration in Advertising

345

(1)

Types of Advertisements: Informational and Puffery

346

(2)

Misleading Advertising Affects Decision Making Negatively

348

(1)

Deception is Advertising is Illegal, but Not Until a Government Agency Says So

348

(1)

``Advertising Dollars''---A Form of Censorship That Attacks the Consumer Interest

349

(1)

Television Advertising Directed at Children

350

(2)

Review and Summary of Key Terms and Concepts

352

(2)

Useful Resources for Consumers

354

(1)

``What Do You Think'' Questions

354

(1)

The Planned Buying Process

355

(32)

General Buying Behaviors of Consumers

356

(2)

Habit Buying

356

(1)

Impulse Buying

356

(1)

Conspicuous Consumption

357

(1)

Planned Buying for Important Purchases

358

(3)

Sources of Buying Information for Consumers

361

(3)

Source: Consumer Testing Magazines

361

(1)

Source: Consumer-Oriented Magazines

362

(1)

Source: Seals and Certification Program Information

362

(1)

Source: Government Agency Information

363

(1)

Source: Better Business Bureaus

363

(1)

Source: Point-of-Purchase Information

363

(1)

Defining the Problem

364

(1)

Identifying Personal Values and Goals

365

(2)

Can Bonnie Afford to Buy an Automobile?

365

(1)

How Much Can Bonnie Get for Her Money?

366

(1)

Identifying Possible Alternatives

367

(2)

Comparing Costs and Benefits

369

(8)

Secret Warranties Exist

369

(3)

Service Contracts and Extended Warranties are Bad Deals

372

(2)

Leasing is a Good Choice for Some Consumers

374

(1)

Financing Options

375

(1)

Choosing Priorities

375

(2)

Negotiating

377

(4)

The Goal of Negotiation

377

(1)

The Process of Negotiation

378

(3)

Determining the Price You Want to Pay

381

(1)

Selecting the Best Alternative

381

(2)

Accepting and Evaluating the Decision

382

(1)

Review and Summary of Key Terms and Concepts

383

(1)

Useful Resources for Consumers

384

(1)

``What Do You Think'' Questions

385

(2)

Part Five: Consumer Economic Issues

Food Issues

387

(26)

American Eating Habits

388

(9)

Calorie Intake

389

(1)

The Poor Quality of American Diets

389

(3)

The Importance of Low-Fat Eating to Good Health

392

(2)

Eating Healthy is Not Difficult

394

(1)

Nutritional Labeling and Education Act

394

(2)

USDA's Food Guide Pyramid

396

(1)

Agencies and Laws that Protect Food Consumers

397

(7)

U.S. Department of Agriculture

398

(1)

Food and Drug Administration

398

(2)

Food Additives

400

(1)

Intentional and Incidental Additives

401

(1)

Tolerance Levels for Filthy Foods

401

(1)

The GRAS List

402

(1)

Sulfites in Foods

402

(1)

Pesticides in Foods

403

(1)

Sweeteners

403

(1)

Food Preservatives

404

(1)

Color Additives

404

(1)

Consumers (and Governments) Have Difficulty Assessing Risks

404

(2)

Research Conducted on Animals

405

(1)

Research and a Risk-Free Society

405

(1)

Anti-Competitive Practices in the Food Industry

406

(1)

Agreements that Squeeze Out Competitors

406

(1)

Agricultural Marketing Orders

406

(1)

Economic Concentration in the Meatpacking Industry

407

(1)

Questionable and Confusing Food Selling Practices

407

(3)

Review and Summary of Key Terms and Concepts

410

(1)

Useful Resources for Consumers

411

(1)

``What Do You Think'' Questions

412

(1)

Health Care Issues

413

(30)

The Challenges of Purchasing Health Care Services

414

(1)

Guidelines on How to Purchase Services

415

(2)

The U.S. Health Care System Does Not Work for Consumers

417

(2)

Health Care Costs in the U.S. Are the Highest in the World

417

(1)

One-Sixth of Americans Are Without Health Insurance

418

(1)

The Health Care Costs of the Uninsured are Paid by All Consumers, and Young Workers are Paying Extra

418

(1)

Calls to Reform the U.S. Health Care System

419

(4)

Why National Health Care Reform Failed

419

(2)

Calls to Reform Health Care Are Answered by Some States

421

(1)

Those Who Have Health Care Coverage Utilize Managed Care

421

(2)

Prescription Drugs

423

(4)

What Are Drugs?

424

(1)

Pre-market Review of Prescription Drugs

424

(2)

Generic Drugs

426

(1)

Generic Substitution Laws

427

(1)

Pharmacists Perform Some Physician Duties

427

(1)

Over-the-Counter Drugs

427

(5)

Problems and Dangers

428

(1)

Aspirin and Similar Pain Relievers

428

(3)

Dietary Supplements

431

(1)

Smoking and Health

432

(5)

Smoking and Death

433

(1)

Ugly Health Links with Smoking

434

(1)

Secondhand Smoke Kills 40,000+ Every Year

434

(1)

How the Tobacco Industry Got Caught

435

(1)

The Tobacco Industry Told the Worst Lies in World History

435

(1)

The Future of Smoking

436

(1)

Alcohol and Health

437

(3)

Review and Summary of Key Terms and Concepts

440

(1)

Useful Resources for Consumers

441

(1)

``What Do You Think'' Questions

442

(1)

Product Safety Issues

443

(26)

Product Safety and Effectiveness

444

(2)

Many Products Cause Injuries

445

(1)

Causal Factors in Injuries

445

(1)

Benefit-Cost Analysis and Safety

446

(3)

How Much Risk is Acceptable?

447

(1)

Measuring Risk for Public-Policy Decisions

448

(1)

Factors to Consider in Making Product Safety Decisions

448

(1)

Products Needing Safety Regulations

449

(1)

The Consumer Product Safety Commission

449

(6)

CPSC Legal Mandates and Responsibilities

450

(1)

CPSC Authorities and Powers

451

(1)

CPSC Injury Data-Collection System

452

(1)

CPSC Rulemaking Procedures

453

(2)

The National Highway Traffic Safety Administration

455

(5)

NHTSA Legal Mandates and Authorities

455

(1)

NHTSA Mandates

456

(1)

NHTSA Recalls

457

(1)

NHTSA Vehicle Crashing and Testing

458

(1)

NHTSA Safety Standards

459

(1)

Air Bag Safety

459

(1)

Needed Vehicle Safety Regulations

460

(1)

Criticisms of Government Product Safety Efforts

460

(1)

Product Liability Lawsuits---A Powerful Weapon of Consumers is Under Assault by Conservatives

461

(5)

Punitive Damages Penalize the Worst Sellers

462

(1)

Today's Product Liability Laws Protect Consumers

463

(2)

Criticism of Product Liability Lawsuits is Unwarranted

465

(1)

Review and Summary of Key Terms and Concepts

466

(1)

Useful Resources for Consumers

467

(1)

``What Do You Think'' Questions

468

(1)

Banking, Credit, and Housing Issues

469

(30)

Banking Problems and Issues

470

(8)

Truth in Savings, Almost

470

(1)

Deregulation of Banking

471

(2)

Rising Fees

473

(1)

Discrimination Against Millions of Consumers, Small Depositors and Non-depositors

474

(1)

Basic Banking is a Reality in Some States, But Not All

474

(2)

The Savings and Loan/Banking Scandal Bailout

476

(1)

Privacy in Financial Services

477

(1)

Credit Problems and Issues

478

(9)

Unnecessary Aggressive Credit-Card Solicitations

478

(1)

Making Credit Payments Increases Total Costs

479

(1)

Paying Only the ``Low Minimum Monthly Payment''

480

(1)

Paying Interest Rates That Are Too High

480

(1)

Grace Periods Can Be Rip-Off Methods of Assessing Interest Are Perplexing

480

(4)

The ``Two-Cycle Method of Assessing Interest'' Doubles the Effective Interest Rate---Legally

484

(1)

The ``Rule of 78s'' Is an Unfair Prepayment Penalty

484

(1)

Credit Insurance (Life/Disability/Unemployment)

485

(1)

Sub-prime Lenders

486

(1)

Mistakes in Credit Files

486

(1)

Housing Problems and Issues

487

(9)

Discrimination in Housing Credit and Insurance

487

(1)

Redlining is Rank Discrimination

488

(2)

The High Cost of Housing in America

490

(1)

Appraisers Are Regulated, but Not for Most Consumers

491

(1)

Mandatory Defect-Disclosure Laws

491

(1)

Bargaining Is Necessary to Reduce Sales Commissions

492

(2)

Agents Should Disclose to Buyers When They Represent

494

(1)

Kickback Fees to Help Arrange Other Services

495

(1)

Escrow Ripoffs Exist

496

(1)

Review and Summary of Key Terms and Concepts

496

(2)

Useful Resources for Consumers

498

(1)

``What Do You Think'' Questions

498

(1)

Insurance and Investment Issues

499

(26)

Consumer Problems and Issues in Insurance

500

(13)

The Insurance Consumer's Bill of Rights

500

(1)

The Auto Insurance Industry is Very Profitable

501

(1)

The Automobile Insurance Rebellion and Resulting Reforms

501

(2)

Price Fixing Among Insurers is State Approved

503

(1)

Price Fixing Between the Automobile Repair and Insurance Industries

503

(2)

State Anti-Group and Anti-Rebate Laws Keep Prices High

505

(1)

Surprise! Insurance Industry is Exempt from Anti-trust Laws

505

(1)

No-Fault Insurance Rarely Available to Consumers

506

(3)

Which Remedy for the Auto Insurance Mess Do You Want?

509

(2)

Beware of Life Insurance Being Sold as a Retirement Plan

511

(1)

Title Insurance for Homes: A Ripoff

511

(1)

What Happens When Insurance Companies Go Broke?

511

(2)

The Coming Insurance Industry Scandal

513

(1)

Consumer Problems and Issues in Investments

513

(10)

The Investing Consumer's Bill of Rights

514

(1)

Banks Sell Investments That Are Not Federally Insured

514

(3)

Method of Compensation for Financial Planners Indicates Their Source of Bias

517

(1)

Insider Trading

518

(1)

Forced Arbitration is Unfair

519

(1)

Many Retirement Plans Are at Risk

519

(3)

Timesharing Vacation Real Estate Is Not An Investment

522

(1)

Review and Summary of Key Terms and Concepts

523

(1)

Useful Resources for Consumers

524

(1)

``What Do You Think'' Questions

524

(1)

Appendix Careers in Consumer Affairs

525

(8)

Career Opportunities in Consumer Affairs

525

(8)

Job Responsibilities

526

(1)

Career Development Opportunities

526

(1)

Career Options

527

(1)

Curriculum Requirements

528

(1)

Competencies of Graduates

529

(1)

Sample Letters for Employment

530

(3)

Index

533

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Consumer Economic Issues in America

Consumer Economic Issues in America

9780873938938

0873938933

Table of Contents

Supplemental Materials

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Amazon no longer offers textbook rentals. We do!

Consumer Economic Issues in America

Consumer Economic Issues in America

9780873938938

0873938933

Table of Contents

Supplemental Materials

Write a Review

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