-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 At 8:59 AM -0800 4/2/04, Major Variola (ret) wrote:
The govt has a monopoly on certain tools of the trade.
Of course, that always hasn't worked right in other industries. The peculiar institution of geographic force monopoly will be an interesting test case. One could imagine how it would devolve, starting with licenses, like say, letters of marque... :-). Nozick argues force-monopoly naturally emerges from *any* force market, that, IIRC, associations will collude and eventually merge under peaceful circumstances, and, of course, if one fights the other, it takes the other's turf. Personally, I wonder if that's an artifact of human switched networks, though, but I'm supposed to say that. :-).
And crypto-wise, reputation will clearly be important here.
Ayup. See Pierpont Morgan, an old chestnut from my .sig file, below.
But yes, obviously, easy communication leads to more optimal markets, for both goods and services.
Indeed. Ronald Coase is your friend. Cheers, RAH -----BEGIN PGP SIGNATURE----- Version: PGP 8.0.3 iQA/AwUBQG3HA8PxH8jf3ohaEQKNIgCg6/Jy5pRSc2SM2+3qqffx4uEXTC8AnA2J WAEMhMrtgaTfvFjXr+eu2Ow9 =HZFq -----END PGP SIGNATURE----- -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "...Character. I wouldn't buy anything from a man with no character if he offered me all the bonds in Christendom." -J. Pierpont Morgan