Asymmetrical Information

I know I linked him

I know I linked him yesterday, but he's chock full o'goodness: the Kolkata Libertarian has a really outstanding piece on bribery:

Bribery is the direct result of a closed economy. It springs up wherever transactions are non-transparent and the rule of law is neither defined nor enforced. It thrives when the total cost that people must incur to go the "legal" route, is greater than the cost they have to incur for making "extra-legal" arrangements. To "fix" the problem requires the understanding that this is a "generational" issue, one that cannot be wished away, even by politicians of great vision.