3min chapter

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Ep. 52: Michael Huemer on Thinking Rationally, The Ethical Flaws of the Legal & Regulatory System and the Problem of State Authority

Stranded Technologies Podcast

CHAPTER

The Importance of Private Law in Regulation

Tom W Bell was talking about a polycentric legal system, which is private law plus common law. When you want a regulator or regulation for an industry, you can have private arbitration and agencies. There could be a private organization that certifies things as being safe. And then if there was a problem with unsafe products, consumers would look for the products that were certified.

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