Responsible governance needs to address the interest and concerns of consumers by protecting them from market abuses. The protection is made through various regulatory frameworks and institutional establishments peculiar to the specific situation of each country and market situation. The right of consumers has long been recognized by the United Nations Guidelines for Consumer Protection and member of countries are encouraged and advised to have their own domestic law to regulate consumer rights. Accordingly many countries work to regulate the right of their consumers through various legal and institutional arrangements. The international organization named Consumer International has also been the focal international organization to promote consumer’s rights and the protection to be accorded.
Economists concern themselves not only with addressing difficult questions thoughtfully, but also with formulating the questions themselves. Sometimes, rethinking those questions can hold the key to finding the answers we need.