Student of Economics wrote:
Nothing to do with rent seeking? Are you going to ride that quote out into the sunset? Instead of calling it rent seeking, let's say the insurance companies, wined and dined and bullied and harassed and walked to the legal limit of bribery and blackmailing of politicians to get current traffic safety laws.
Yes, I will ride on it.
Yes, insurance companies are, in essence, rent seeking enterprises. (However, not all rent-seeking is bad. In this case they extract a fee for protecting you against risk.).
Insurance companies don't care if you wear your seat belt or not. If there are no laws against this, then the insurance companies can calculate how many people will not wear seat belts, and how much this will impact their costs. As they do now.
They will then simply pass this cost on to you.
Insurance companies are rent seeking, but this law is not because of insurance companies.
Mandatory insurance maybe. Seat belts. No.