The Ethics of David Foster Wallace
April 2011
- Sir Humphrey: "Taxation isn't about what you need."
- Jim Hacker: "Oh, what is it about?"
- Sir Humphrey: "Prime Minister, the Treasury doesn't work out what they need to spend and then think how to raise the money."
- Jim Hacker: "What does it do?"
- Sir Humphrey: "They pitch for as much as they think they can get away with and then think what to spend it on."
- [Yes, Prime Minister - Series 1, Episode 3]
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Lawyers traditionally have conveyed legal expertise in the form of advice tailored to the needs of individual clients. This business model is reinforced by licensing and ethical rules designed to ensure lawyers’ competence and loyalty to clients’ interests. The traditional professional model is being challenged by an alternative model based on the sale of legal information in impersonal product and capital markets. In this new world, legal information engineers would to some extent replace legal practitioners. This article provides a theoretical intellectual property framework for the regulatory decisions that must be made as the two models collide. We show that traditional professional regulation inhibits full development of the new business model by limiting intellectual property protection for legal information. This regulation assumes that consumers get legal information in one-to-one relationships with lawyers where they have little ability to evaluate the advice they are receiving. However, a fully developed legal information market could substitute for some of the protection consumers now receive from licensing and ethical rules without the current model’s costs of restricting the supply and raising the costs of legal services. We apply our analysis to some actual and potential markets in legal information.
The success of the mobile money programme in Kenya – where money is exchanged via mobile phone – has been phenomenal. In four years, a country with only 850 bank branches has seen the number of outlets providing the service grow from 4,000 to 25,000. People have access to formal finance as never before. This column studies 3,000 households between 2008 and 2010, tracking this social and economic transformation.