#37 – Gillian Hadfield on Regulatory Markets, Silly Rules, and why Humans Invented Law
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What's the Function of Law?
The purpose of law is to allow complex, interdependent relationships to morf and change. Most of human history has been coordinated on do i think these rules will be followed have been by common knowledge of the rules. The confidence you need is in the confidence in achieving that outcome. That's why you need a market. You need some innovation. Because i don't know what the right answer is for the best way to achieve that but i don't need common knowledge. Don't mistake the means for the ends.
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