The problem is not merely that the anti-fraud efforts are costly but that the anti-fraud surveillance apparatus will itself be value destroying. (In the tax cas

The problem is not merely that the anti-fraud efforts are costly but that the anti-fraud surveillance apparatus will itself be value destroying. (In the tax case, it’s “people in democracies don’t enjoy their government having total visibility into their activities and society, in its judgment, says this is more important than tax collection at some margins.”)