I'm very sympathetic to libertarians, but their unwillingness or inability to understand the concept of market failure is exasperating.
Starting from free markets is always preferable to a centralized solution, but you have to understand the shortcomings of free markets if you ever hope to maintain widespread faith in them.
To liberals, government is God. To libertarians, markets are God.
By no means am I advocating "Third Way" economics which is just "socialism light" (and devolves into full-blown socialism at the first opportunity).
But if you think there's no role for government in dealing with:
- Public goods - Externalities - Asymmetric information - Natural monopolies - Incomplete markets - Agency problems - Transaction costs
then you are delusional or in denial.
The goal shouldn't be no government. The goal should be minimal necessary government.
Most importantly, whether you currently have too little, too much, or just the right amount of government, it must always remain on its leash!
Libertarianism is not about "no government". It's about less government. No government is Anarchy.
There are still a wide range of Libertarian ideas. Blanket statements like "unwillingness or inability to understand the concept of market failure" cannot be applied to all Libertarians.
and as far as "markets are God", I would say that _most_ libertarians would say that there was no God...
I absolutely agree about "The goal should be minimal necessary government", but I take exception to your painting all Libertarians with the same brush.
4 comments:
I keep reading everything you write in your voice now... God. Why did I have to listen to that two hour presentation...
..and the writer is a Montrealer. That's in Canada, eh!
Just shows that there are lots of people who are interested in Liberty outside of the US of A.
I'm very sympathetic to libertarians, but their unwillingness or inability to understand the concept of market failure is exasperating.
Starting from free markets is always preferable to a centralized solution, but you have to understand the shortcomings of free markets if you ever hope to maintain widespread faith in them.
To liberals, government is God. To libertarians, markets are God.
By no means am I advocating "Third Way" economics which is just "socialism light" (and devolves into full-blown socialism at the first opportunity).
But if you think there's no role for government in dealing with:
- Public goods
- Externalities
- Asymmetric information
- Natural monopolies
- Incomplete markets
- Agency problems
- Transaction costs
then you are delusional or in denial.
The goal shouldn't be no government. The goal should be minimal necessary government.
Most importantly, whether you currently have too little, too much, or just the right amount of government, it must always remain on its leash!
Robert,
Libertarianism is not about "no government". It's about less government. No government is Anarchy.
There are still a wide range of Libertarian ideas. Blanket statements like "unwillingness or inability to understand the concept of market failure" cannot be applied to all Libertarians.
and as far as "markets are God", I would say that _most_ libertarians would say that there was no God...
I absolutely agree about "The goal should be minimal necessary government", but I take exception to your painting all Libertarians with the same brush.
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