Darwinian economics, a new term. To me this means the study of the imperfections and wastefulness in competitive markets due to the nature of competition. The nature of competition being that on an individual level, people will choose having a competitive edge over protecting themselves from harm, even when to do so is highly illogical. I really like the idea that Adam Smith is only dealing in absolutes and a Utopian. I my self am much more grim, definitely distrusting the common man. It explains why when certain things that are not regulated correctly, or at all for that matter, can go horribly wrong. By things I mean genocide in east Africa and oil rig explosions in the gulf of Mexico, both causing billions of dollars in damages and lost capital. That is why I feel many things should be regulated, but in an articulate and effective manner and should be fundamentally sound before they are politically sound. The reason being that if you regulate something ineffectively or again not at all that cause severe negative externalities, then the negative results fundamentally will be of a higher proportion to the positive ones due to personal incentives to compete.
So in turn, I propose that the law should encompass regulating anything with proven negative externailities. But as well no laws should be made to regulate anything until a fundamentally feasible outcome has been found. By fundamentally feasible I mean something that has considerable data and analysis put behind it that strongly suggests a possitive outcome. Essentially the same way a successful business manages risk with investments. This would serve to severely restrain negative externalities in an efficient and direct manner. Also regulations should all address the root of issue, not the symptoms. Legislation to promote business does nothing to fix the fundamental issues of a failing company.
Neither do laws that keep people in prison for nonviolent crimes, people who are not a direct physical threat to others should not be allotted pubic funds to restrain them from being among the populace. This novel seems to suggest widespread reform, but in a more moderate direction of loosely herded markets rather than free range anarchy or total control. I like this.