was thinking earlier no one is actually anti-regulation maybe people just want regulations of outgroup institutions "but im libertarian" buddy what do you think the constitution is
oh sure I can talk about that um! difference in a technical sense or in a practical sense?
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I know that both come from different branches of government but one praised to high heaven and the other is often shit on. Practically they seem to operate similarly.
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um law + econ take: common law mostly deals with resolution of contracts and torts, and ends up being reasonably efficient because parties can plan their contracts and behaviors around common law conventions a la Coase (or something approximating it)
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black letter and bureaucratic regulations tend to restrict the set of behaviors that private actors can pursue; sometimes this ends up improving production and allocation efficiency (via externality management), but it will also impose heavy deadweight loss when badly designed
End of conversation
New conversation -
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I guess I mean in a practical sense.
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