August 1 is not just the start of a new month. In Minnesota, it's also the time when new laws take into effect. For those concerned about personal choice, freedoms, and economic sense, it's a win some, lose more kind of situation.

Among the provisions:

Most gift cards will be forbidden to expire, or to lose value due to inactivity. That sounds like a pro-consumer move. But consider what happens during the life cycle of a gift card. The retailer gains income when the card is purchased, and doesn't have to lose any inventory until the recipient of the card redeems it. So it gets a float, a short-term loan from the card consumer, in effect.

If the card expires, the retailer gets to keep the purchase price of the card, and lose no inventory--pure profit.

What happens if the state steps in and says that cards can't expire? The money which used to pad the company's coffers will still float for a while, but eventually most will get redeemed. Still, there's a net loss in profitability. And since continuing operations depend in the long run on profitability, the loss will have to be made up elsewhere--perhaps in higher prices, smaller raises for employees, or some other adjustment. Granted, the effect of the law may be minimal, but it will be real. It will, among other things, represent yet another dumbing down of the consumer, replacing smart shopping with government control.

On the other hand, you'll now be able to buy from an expanded selection of beer at the state fair. The Minneapolis Star-Tribune says that a new law will permit vendors to sell "strong beer" for the first time. I'm not sure that a Guinness is the best choice to accompany the fried foods that the fair is known for, but let's see.

On the other hand, the legislation introduces a bit of protectionism: at least one of the brews sold must be Minnesota-made. Nothing against Minnesota beers, but this reminds me of the joke in which in Heaven, the cooks are French, while in Hell they're English. The consumer experience is best when markets, not mandarins, decide what is served to whom.

The law introduces a new mandate on insurance: "Insurance companies are now required to cover the cost of hearing aids for children who suffer hearing loss. Previously, health plans were mandated to cover hearing aid costs for congenital conditions only. Self-insured plans, which include those offered by most larger companies, are exempt."