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timeletsBuchanan:
Corruption destroys public infrastructure the same way enemy bombs destroy roads and bridges, making transitions ("arrows" in Category Theory terms) from the past into the future less predictable.
The structure of law, whether this be described empirically in formal or informal terms, represents social or public capital stock, the yield from which accrues through a sequence of time periods.
The very purpose of adopting laws or rules is to restrict behavior in future periods, restrictions that will, in turn, allow planning to incorporate more accurate predictions. The isolated person secures greater efficiency, he accomplishes more good for less bad, if he lays down rules for his own behavior in advance.
http://www.econlib.org/library/Buchanan/buchCv7c7.html 7.7.34
Corruption destroys public infrastructure the same way enemy bombs destroy roads and bridges, making transitions ("arrows" in Category Theory terms) from the past into the future less predictable.
