On a more serious note, it would seem that governments tailor made for specific purposes might have a large competitive advantage over more established legal structures.
Suppose, for example, startups were allowed to hold equity auctions for a tiny fraction of their company on a weekly basis, with no SEC filings and only whatever accounting the market demands. I suppose that example is more generally libertarian, but perhaps particular law on what contracts are enforceable (the NDA for one) might be helpful.
>Jokes aside, leaving the accounting to the market seems ripe for fraud. Finance is staid, but it's got a lot of years of experience behind it.
Where do you think accounting rules come from? Accounting practice comes from hundreds of years of custom and precedent, also known as "the market". It is only recently that accounting standards have been codified into law.
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The burbclave goes prescient?
On a more serious note, it would seem that governments tailor made for specific purposes might have a large competitive advantage over more established legal structures.
Suppose, for example, startups were allowed to hold equity auctions for a tiny fraction of their company on a weekly basis, with no SEC filings and only whatever accounting the market demands. I suppose that example is more generally libertarian, but perhaps particular law on what contracts are enforceable (the NDA for one) might be helpful.
Do you know the current Kongbuck exchange rate, by chance?
Jokes aside, leaving the accounting to the market seems ripe for fraud. Finance is staid, but it's got a lot of years of experience behind it.
>Jokes aside, leaving the accounting to the market seems ripe for fraud. Finance is staid, but it's got a lot of years of experience behind it.
Where do you think accounting rules come from? Accounting practice comes from hundreds of years of custom and precedent, also known as "the market". It is only recently that accounting standards have been codified into law.