Can simple rules solve social coordination problems better than regulations do? Prof. Richard Epstein of NYU School of Law argues “yes,” giving examples of coordination through simple rules explaining drawbacks that top-down rules pose in different kinds of transactions. Professor Epstein, in this series on the Common Law, provides an alternative to the conventional view that property rights are arbitrarily created by the state, and therefore can be changed at will by the state. A few simple rules, he argues, are universal principles of social organization, consistent across time and culture, which form the basis of social gains. https://youtube.com/watch?v=6Ds5NbvjUwE