The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the ' frictions" that perfect decentralization assumes away, must be lived with in laissez-faire. (Harold Demsetz)

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the ' frictions" that perfect decentralization assumes away, must be lived with in laissez-faire.

Harold Demsetz

Related topics

behavior decentralization influence legal nor perfect private substructure use others laissez-faire

Related quotes

It is the act of an ill-instructed man to blame others for his own bad condition; it is the act of one who has begun to be instructed, to lay the blame on himself; and of one whose instruction is completed, neither to blame another, nor himself. (5) [tr. George Long (1888)].

Epictetus

Some distance away is a white azalea bush which stuns me with its stately beauty.____ This is pristine natural beauty. it is irrepressible, seeks no reward, and is without goal, a beauty derived neither from symbolism nor metaphor and needing neither analogies nor associations.

Gao Xingjian

Pain is a gift. Humanity, without pain, would know neither fear nor pity. Without fear, there could be no humility, and every man would be a monster. The recognition of pain and fear in others give rise in us to pity, and in our pity is our humanity, our redemption.

Dean Koontz

There are three kinds of intelligence: one kind understands things for itself, the other appreciates what others can understand, the third understands neither for itself nor through others. This first kind is excellent, the second good, and the third kind useless.

Niccolò Machiavelli

Money motivates neither the best people, nor the best in people. It can move the body and influence the mind, but it cannot touch the heart or move the spirit; that is reserved for belief, principle, and morality.

Dee Hock