Comment by tclancy
13 hours ago
>if they're rational (an assumption that is debatable, of course)
Feels like crime is an almost perfect simulation of the free market: almost/ all of the non-rational actors will be crowded out by evolutionary pressure to be better at finding the highest expected values, where EV would be something like [difficulty to break in] x [best-guess value of access].
This is a total tangent. However note that the creator of the ‘free market’ idea, Adam Smith, wasn’t an advocate for zero law/regulation regulation.
In fact Chapter 10 of his “Wealth of Nations,” specifically states, “When the regulation, therefore, is in favour of the work-men, it is always just and equitable.” He goes on to explain that regulation that benefits the masters can wind up being unjust.
Smith’s concept of ‘laissez-faire’ was novel back in the day. But by today’s standards, some of his economic opinions might even be considered “collectivist.”
I hate getting old because I can never remember this when it's relevant.