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gtaogle's profile
System of a Dad
System of a Dad
System of a Dad
@gtaogle

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System of a Dad

@gtaogle

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Baltimore, MD
Joined August 2014

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    1.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11

      What defines this "well informed consent": 1. no coercion or leveraging on the part of either party. 2. information is not withheld deliberately by party members, opportunity of each party to explore options to reach a decision is intact. 3. no differential ability exploited

      1 reply 0 retweets 4 likes
      Show this thread
    2.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11

      In the absence of this "well informed consent" traditionally, any contract could be declared null and void. This is the basis for business ethics. It is NOT intended for morality between individuals but between customers and sellers, business partners, etc.

      2 replies 0 retweets 5 likes
      Show this thread
    3. System of a Dad‏ @gtaogle Oct 11
      Replying to @GolfNorman

      And it's not a* true *free market since it has to be enforced (traditionally by a market court.) - not something a person had much choice about.

      2 replies 0 retweets 1 like
    4.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @gtaogle

      A free market can only exist on the preconditions that certain lawful rules be upheld to avoid the exploitation of others if not outright swindling and theft. Otherwise it isn't really a free market but total anarchy.

      1 reply 0 retweets 0 likes
    5. System of a Dad‏ @gtaogle Oct 11
      Replying to @GolfNorman

      It's not free because it isn't free of coercion. The third party judges coerce people to follow the rules (this has a cost.) Epstein made the point that this one of the only coercions whose cost is outweighed by the negative-sum transactions it eliminates.

      1 reply 0 retweets 1 like
    6. System of a Dad‏ @gtaogle Oct 11
      Replying to @gtaogle @GolfNorman

      (The way to think of this is that thievery and fraud generally do not add value to the whole network - they just transfer existing value - at the cost of the coercion used by the fraudsters/robbers)

      1 reply 0 retweets 1 like
    7.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @gtaogle

      Well it's like having a Navy. Piracy is a zero-sum operation that is entropic: produces higher expenses for the total market than the value transferred to the pirates namely through sinking ships, losing some of the goods when robbing.

      2 replies 0 retweets 0 likes
    8.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @GolfNorman @gtaogle

      The thing is that the Rule Enforcement might be coercive, but there is no coercion in accepting or rejecting a transaction between the two parties. You can't really say someone is being coerced to follow rules if someone with a gun is there...

      1 reply 0 retweets 0 likes
    9.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @GolfNorman @gtaogle

      ... specifically to stop them from using a gun to get the 2nd party to sell them goods at a lower price or give them to them for free.

      1 reply 0 retweets 0 likes
    10.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @GolfNorman @gtaogle

      The enforcer is only engaging in coercion if they implement price controls or sales restrictions but in that case you no longer have a free market but a planned economy.

      1 reply 0 retweets 0 likes
      System of a Dad‏ @gtaogle Oct 11
      Replying to @GolfNorman

      No, Epstein explicitly says that rule enforcement by the court is coercion, but justifies in saying that it makes the market work better. Any enforcement mechanism is coercion, possibly even the case where the parties are required to enforce for themselves.

      8:41 AM - 11 Oct 2018
      2 replies 0 retweets 0 likes
        1. New conversation
        2.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
          Replying to @gtaogle

          I don't care what Epstein says as he is a Jew for one. Coercion is never preventative against wrongdoing, it is compulsion to action by a party such as making people pay taxes on a transaction.

          1 reply 0 retweets 0 likes
        3. System of a Dad‏ @gtaogle Oct 11
          Replying to @GolfNorman

          And in a rules-enforced market you do pay taxes in the form of overhead to maintain force and fraud provisions. There's no way around it! We see this use of law all the time - people are coerced into taking actions due to the threat of fraudulent use of enforcement.

          1 reply 0 retweets 0 likes
        4.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
          Replying to @gtaogle

          all of these are minor inconveniences and inefficiencies that do not prevent a market from acting analogous to a free market performance wise while avoiding the potential catastrophic effects of a totally free market.

          1 reply 0 retweets 0 likes
        5. System of a Dad‏ @gtaogle Oct 11
          Replying to @GolfNorman

          Sure, I agree. The point is to emulate a free market as best as possible where trust doesn't exist (and thus a free market isn't possible.)

          0 replies 0 retweets 0 likes
        6. End of conversation
        1. New conversation
        2. System of a Dad‏ @gtaogle Oct 11
          Replying to @gtaogle @GolfNorman

          For example, for fraud provisions to work, I am coerced to write out the details of what the contract is for, because if I don't the other party could claim fraud and I would have no proof of what we agreed on; they might fabricate details... it goes on.

          1 reply 0 retweets 0 likes
        3.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
          Replying to @gtaogle

          lol that ain't coercion buddy that's just common sense.

          1 reply 0 retweets 0 likes
        4. System of a Dad‏ @gtaogle Oct 11
          Replying to @GolfNorman

          It's not, there even today are tons of business deals that are just handshakes, I've seen them myself.

          0 replies 0 retweets 0 likes
        5. End of conversation

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