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Tren Griffin @trengriffin
, 3 tweets, 1 min read Read on Twitter
Decentralized markets can have lower "transaction costs" than creating an organization. At a point though "coordination costs" of decentralized markets get high enough that some centralization is a more productive trade off. People like to pretend that either extreme is optimal.
Contracts will always be incomplete for complex interactions. You can't base a relationship like marriage on a white paper. You can hire someone via a gig platform to design a logo for your bowling team but using it to hire a developer to do complex ongoing work isn't optimal.
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