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Those things go under fraud and (depending on circumstances) negligence and under a free market system would be cause for collective legal legal. Free-market pe
by nickik 6y ago
Those things go under fraud and (depending on circumstances) negligence and under a free market system would be cause for collective legal legal. Free-market people have a quite sophisticated understanding of the law and how it constraints buissness, but nobody ever bothers to read or even understand that research.
If you look at British Common Law many of these problems have legal precedents that would be evolved based on real world cases.
This is what economist like Armen Alchian, James M. Buchanan, F.A. Hayek and many others have been arguing and researching for decades.
There are of course criticism to that approach, but to just dismiss it as if it didn't exist is not fair.
- sukilot 6y agoRegulations exist because you can't get a fraud conviction when the defendant says "I understand the meaning of the word "hamburger" differently from the plaintiff"
- nickik 6y agoAnd then a judge says that this is not a valid excuse. That was kind of the point of judges. Go look at how complex topics were handled in common law, often with very good understanding and solutions.