Not-so-clever contracts
For the time being at least, human judgment is still a better bet than cold-hearted code
BUSINESS could be such a breeze—if it weren’t for those pesky humans. Imagine contracts that enforce themselves and are not subject to interpretation by, for instance, rent-seeking lawyers. Or envisage autonomous corporations, made up of bundles of automatic agreements, which could send their investors dividends whenever profits reach a certain, specified level and not just when the board of directors has had a good lunch.
This article appeared in the Business section of the print edition under the headline “Not-so-clever contracts”
From the July 30th 2016 edition
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