Re: [Gnu-arch-users] OT: Slavery???

[Peter Conrad]

Hi,

On Mon, Nov 24, 2003 at 03:48:44AM -0800, Tupshin Harper wrote:
> 
> >That's what credit card companies do: they accept a certain amount of 
> >fraud,
> >because if they don't the only remaining option is to shut down their 
> >businesses.
>
> If this is an attempt to further argue your point that most contracts 
> work well without enforcement, then it fails spectacularly. The simple 
> observation that any lender's risk management equation is fundamentally 
> affected by the level of fraud which in turn is directly affected by the 
> probability of enforcement blows the argument to pieces.

"directly affected" does not mean that 0% enforcement implies 100% fraud.
Therefore, my argument that contracts don't *require* the possibility of
enforcement holds.

Bye,
        Peter
-- 
Peter Conrad                        Tel: +49 6102 / 80 99 072
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