Consumers and workers value safety and health. Knowledgeable people will not buy
hazardous products or accept employment in hazardous work sites unless the product
prices they pay or the wages they receive compensate for dangers. The positive relation-
ship between wages and risk and the negative relationship between product price and
risk means that markets reward firms for improving workplace safety via lower labor
costs and for improving product (both goods and services) safety via higher revenues.
Eliminating hazards may be expensive, but the wage reduction or the ...
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