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#37 – Gillian Hadfield on Regulatory Markets, Silly Rules, and why Humans Invented Law

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What Is Demand for Law?

In the eighteenth century, we have a significant changes in economic activity. We go from a primarily agricultural soc y with small craft and artisans to an investment-based economy. And what that creates is this demand for law that creates this demand for he what is a demand? A demand is just, i could do something more valuable if i had this right if i had an umbrella right now, i'd have a more valuable day. If it's raining, i i have a demand for law in the sense that i enter into my transactions wilth lower risk.

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