The political economy

 ‐the political economy
  ‐public choice
   ‐democracy can be analyzed from the individual voter’s perspective as an
    economic system, or a game
    ‐this holds for both direct and representative democracy, and also
     republican, limited representative democracy
    ‐of course the results will vary based on the model we’re using
   ‐market economy can be analyzed in terms of power, too
    ‐here a vote cast is a vote lost
    ‐dynamic meritocracy
  ‐economics of law and law enforcement
   ‐law can be seen as an economic tool as well!
   ‐economic principles can be used to derive many common moral guidelines
    from scratch
    ‐but there are also unintuitive results
     ‐e.g. the punishment should be lower for a crime with a high probability
      of catching the perpetrator
      ‐this gives us a basis for letting those criminals who willingly
       surrender off with less
   ‐markets for laws
    ‐Roman/Anglo‐Saxon Common Law
     ‐efficient?
    ‐Law Merchant
    ‐Mideastern polycentric law
    ‐medieval Iceland
   ‐markets for enforcement
    ‐anarcho‐capitalistic protection companies
   ‐arbitration
    ‐arbitration is a way to avoid costs of confrontation and retribution
    ‐the online world serves a wealth of modern examples on the benefits of
     private arbitration
   ‐Coasian rights allocation as a basis for efficient law
    ‐efficiency arguments can largely be used to derive libertarian morality
     from basic utilitarian principles, with few extra assumptions!
    ‐fines vs. prices
     ‐suing for damages can be seen as a post facto payment under efficient
      law
     ‐compensatory fines are much more efficient than incarceration or common
      other forms of retributive justice
      ‐even murder should be fined, if efficiency is a concern
      ‐fines are a form of forced labor
       ‐they force a criminal to do good in order to make up for the crime
       ‐the more efficient the law, the faster the criminal will be allowed to
        regain his freedom
        ‐anarcho‐capitalistic labor hostels!