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James_Miller comments on What resources have increasing marginal utility? - Less Wrong Discussion

36 Post author: Qiaochu_Yuan 14 June 2014 03:43AM

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Comment author: James_Miller 14 June 2014 05:00:57AM *  2 points [-]

A society where people abide by contracts 80% of the time is not 80% as good as a society where people abide by contracts 100% of the time; most of the societal value of trust (e.g. decreasing transaction costs) doesn't seem to manifest until people are pretty close to 100% trustworthy.

I don't agree since a society without contracts would be very, very bad. Still you ask an overall excellent question.

Comment author: Luke_A_Somers 15 June 2014 01:38:53AM 2 points [-]

Yes, a society without contracts is very very bad. But the difference in badness between 100% and 99% compliance is much greater than between 80% and 79% compliance.

Comment author: pinkocrat 14 July 2014 11:32:50PM 0 points [-]

I don't understand your objection. What good would (written) contracts be if everyone always kept their word anyway?

Comment author: James_Miller 15 July 2014 12:44:09AM 0 points [-]

Verbal agreements can be contracts.

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