(*) Quoting from Stephen Franks post:
One of the Law Society reps gave orthodox lawyerly analysis. The other offered worthy sentiment couched as economics and legal theory. If it was either it was from schools unknown to me. I think I heard Rajan Prasad cited as an economic sage, but I must have been mistaken. And it must have been hard for the other lawyer to sit politely when the committee was told that they should over-ride freedom of contract by competent adults because "law should mimic what a perfect system would produce if everyone was acting fairrly and in each other's best interests".
That is theology not law. It could only be administered by priests, with god-derived powers to know more than the parties to contracts.