The superiority of skin-in-the-game over regulation: it is a simple transactional agreement between individuals that doesn’t require government intervention, empty suits, and codes.The condition “I buy from you if you taste it” can be a natural part of the contract.Beyond that, it can be a moral heuristic: I only talk about things I do, and for which I will pay a price if I am wrong.

via The superiority of skin-in-the-game over… – Nassim Nicholas Taleb | Facebook.