Two decades ago, two economists — Raymond Fisman and Edward Miguel — studied the patterns of parking tickets issued to UN diplomats in New York.
Yes, that topic sounds obscure. But investors should take note, ahead of the US election.
For what the Fisman-Miguel study showed is that while some cultures operate with so-called “universal” concepts of the law (ie it applies to everyone, always), others use “situation ethics”, to cite a phrase from social science and philosophy.
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