Comment by jongjong
4 days ago
I don't like the limited liability construct. There needs to be full liability shared between all stakeholders.
4 days ago
I don't like the limited liability construct. There needs to be full liability shared between all stakeholders.
Well if you want to kill all innovation and economic growth then full shareholder liability is one way to do it.
What kinds of innovations require protecting people from being held liable for harms that they participated in? Economic growth for whom and at whose expense?
Its complicated.
- It would discourage share buying.
- somebody with control packet can do terrible things, while minority stock owners have no impact. Blame attribution might be tricky.
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This take basically defies every entrepreneurial experience as well as commercial history of the last 100s of years.
So just use a partnership?
Who does this?
That's the point: nobody except for dentists and lawyers. But it should be the norm.
Yeah it's interesting. For any activity where rich people care about outcomes, suddenly they want full liability.
We need to say no to diffuse harms and concentrated gains.
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