Regulation oft leads to a principle-agent problem. The folks regulating
this will be forced to act in their own interests. Talk to the guys in the
medical/legal field, it’s not always a good thing – a good example of this
is this: it’s harder to prosecute a doctor for malpractice in an
environment where there’s a body representing their interests simply
because the other doctors won’t take this kindly, hence nobody testifies as
an expert witness (KE has this problem). The same thing applies in the
legal field. They can limit the number of people who can join the bodies.
Regulation may not be the best way out, prosecution may be.
A good example of this is here
This is the primary role of the judiciary and the police force, when these
are weak, all manner of bodies pop up to enforce good behavior. So you’ll
have people stoning a thief (self policing) because going to the police
won’t work, you’ll have watchmen in every private building because response
times are not good, so you have to have an additional layer.
If someone gives false testimony in a court, you can have them prosecuted
for perjury. If someone incompetent takes your money and doesn’t deliver,
this is a breach of contract, they can be sued. A lot of the issues being
dealt with are already addressed by contract law – these things just need
to be followed to their logical end.
On Mon, Dec 18, 2017 at 5:01 PM, Josiah Mugambi via kictanet <