[meheleventyone]

That sort of law and a business contract are quite different though. But if the legal system was immutable code we couldn’t fix that law whereas with a softer humans in the loop system we can.

For contracts you don’t know what you want up front. Same issue in a lot of programming where you don’t know all the requirements up front. You horse trade towards mutual agreement but things are usually always open for renegotiation. There was a very dry article published yesterday that had this great insight:

“A key tenet of economic analysis is that enterprises are unable to devise contracts that cover all possible eventualities, eg in terms of interactions with staff or suppliers. Centralisation allows firms to deal with this "contract incompleteness" (Coase (1937) and Grossman and Hart (1986)). In DeFi, the equivalent concept is "algorithm incompleteness", whereby it is impossible to write code spelling out what actions to take in all contingencies.”

https://www.bis.org/publ/qtrpdf/r_qt2112b.htm