What's really crazy is that the legal establishment barely notices fear of (illegitimate) liability--real or imagined--as a problem.
Institutions are so afraid of liability that it's usually impossible to do *anything*
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Reasonable fear of reasonable liability Excess fear of reasonable liab Excess fear of unreasonable liab Reasonable fear of unreas liab
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The first of these leads to reasonable precautions. The second is normal risk aversion, but still suboptimal
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(. 0001% chance of something happening, but all anyone thinks is omg liability, what will happen to the insurance rates).
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Third is normally purely imagined liability, enabled by stories of frivolous cases. Fourth is reasonable fear of frivolous or dumb
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cases that the law is poorly equipped to deal with--paralyzation due to systemic flaws.
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True sovereignty eliminates most of these inefficiencies, at the cost of making externalities harder to deal with.
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No interest in this topic?
End of conversation
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@HbdNrx IMHO the possibility exists that liability must by law be covered by provisions, which is a serious barrier against bonuses -
@johann_theron not sure what you're referring to -
@HbdNrx Oh, provisions are money set aside to cover future liabilities, hence less profit. They will do nothing, because they're not covered
End of conversation
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