re limiting govt was re employment was re why not concentrate in article c s d uu newcastle ac uk chris holt newcastle ac uk chris holt writes so we try to ensure that the process of deciding whether to introduce third parties isn t random as steve said above there are examples where third parties are less ignorant or corrupt than the two primary parties should this knowledge not be able to help of course it helps but only if the decision to involve third parties is the primary partis to make a corrupt and ignorant third party isn t going to say we re corrupt and ignorant we ll stay out of this pointing out that they are corrupt and ignorant won t help they either won t believe you or won t care it s impossible or at least beyond my abilities to formulate a rule that will always tell whether the involvement of a third party would be good or bad but there s one that seems better than any other i ve ever heard suggested voluntary good mandatory bad that is a third party should involve itself in a transaction only at the request of the primary participants so we don t formulate a rule that will always tell we try to use knowledge about other properties of situations to some of us it appears that trying always to apply voluntary good mandatory bad is not only less than optimal it is in some circumstances seriously damaging the interesting question is to characterize those circumstances as best we can look somebody has to have the power to decide whether a third party will regulate your transactions or not that somebody is going to be either you or the third party you can argue until you are blue in the face that regulators shouldn t get involved in fact people have tried this they won t listen the fundamental question you have to ask is whose decision is it whether or not to involve regulators ours or theirs after you ve answered thed first question you can try to move on to such questions as should regulators be involved and if so what regulations are appropriate although with your answer to the first question the second and third are taken out of your hands mr grinch
