The Answer Is Transaction Costs cover image

From Law to Legislation: A Natural Process

The Answer Is Transaction Costs

NOTE

Legislation Disrupts Expectations

Legislation often undermines stable social expectations, creating disruption and confusion due to its authoritative nature as law. The reverence afforded to legislation can lead to unjust consequences, particularly when laws change frequently, such as tax rates. This unpredictability means that ignorance of new laws should sometimes be considered a valid excuse, highlighting the inherent dangers of rapidly changing legislation that can destabilize society.

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