It's not at all laughable. It is as effective as the organizations people create and choose to follow.
There's nothing that makes giving an entity like a union or regulatory agency a monopoly that makes it more competent. There's no advantage in monopolizing a market under one quality assessor.
We essentially did that with credit ratings, by creating a special class of credit ratings agencies, that only three firms fall under, and making regulatory requirements requiring participants to receive a passing rating from one of them to be allowed to engage in various market activities.
The result in a non-competitive credit ratings industry with profit margins of approximately 40%, meaning they're extracting a massive amount of economic rent.
>>You're also saying in this case it is theft, and should be handled by the legal system, which in part is legislated by labor regulations.
I'm not endorsing those aspects of the legal system that prohibit contractually agreed terms. Only tort should be punished by the legal system.
There's nothing that makes giving an entity like a union or regulatory agency a monopoly that makes it more competent. There's no advantage in monopolizing a market under one quality assessor.
We essentially did that with credit ratings, by creating a special class of credit ratings agencies, that only three firms fall under, and making regulatory requirements requiring participants to receive a passing rating from one of them to be allowed to engage in various market activities.
The result in a non-competitive credit ratings industry with profit margins of approximately 40%, meaning they're extracting a massive amount of economic rent.
>>You're also saying in this case it is theft, and should be handled by the legal system, which in part is legislated by labor regulations.
I'm not endorsing those aspects of the legal system that prohibit contractually agreed terms. Only tort should be punished by the legal system.