The most important sentences I've read in a month
2008-03-16 · Original WordPress address
Of course, if there were no legal remedies against fraud, people would be more careful--but they would be too careful; they would incur high costs of self-protection. It is cheaper to punish fraud, just as it is cheaper to punish burglary than to tell people to fortify their houses.
--- Judge Posner
Where is the line drawn between individual and community action to secure private property? Why is protection for burglary a public good, but protection against flood, not? Of course, protection from murder is a public good, as it should be and of course, "protection" from not being wealthy isn't a public good. But why is insurance for large sums of money a public good, but protection from starvation not?
The line is feeling awfully arbitrarily drawn to me, atm.