Letting the Market Pick the Speed Limit
Cafe Hayek: “The real law on U.S. highways is something like the following: if weather conditions are decent and if traffic is not too heavy, then you can drive between five and ten miles per hour over the posted speed limit. No one legislated this rule; it’s not written down in any official statute book; it’s certainly not posted along highways. It evolved spontaneously from everyday practice and is now part of the expectations of all drivers — and, importantly, it is also part of the expectations of highway patrol officers.”
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